Business
DelphX Announces Grant of MCTO and Update on Filing of Financial Statements
Toronto, Ontario--(Newsfile Corp. - June 17, 2020) - DelphX Capital Markets Inc. (TSXV: DEL...
About this update from Delphx Capital Markets, Inc.
[{"type":"text","content":"DelphX Announces Grant of MCTO and Update on Filing of Financial StatementsToronto, Ontario--(Newsfile Corp. - June 17, 2020) - DelphX Capital Markets Inc. (TSXV: DELX) (\"DelphX\") announces that, pursuant to its application, it has been granted a management cease trade order (the \"MCTO\") by the Ontario Securities Commission, pursuant to which the CEO and CFO will not be able to trade in securities of DelphX until DelphX files its audited annual financial statements, management's discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2019 (the \"Annual Filings\"). The MCTO will not affect the ability of shareholders who are not insiders of DelphX to trade their securities. DelphX has appointed Davidson and Company LLP as its new auditors, and is working diligently with them and expects to complete its Annual Filings on or before July 15, 2020.The MCTO relates to the delay in filing the Annual Filings, and not the filing of DelphX's first quarter interim financial statements, management's discussion and analysis and related CEO and CFO certifications (the \"Interim Filings\"), which DelphX had previously announced would be delayed beyond the filing deadline of July 14, 2020 (as extended pursuant to Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements). DelphX now expects to file its Interim Filings on or before the deadline of July 14, 2020. DelphX confirms that there have been no material business developments since its last update news release of June 1, 2020 that have not been generally disclosed as of the date of this news release.About DelphX: DelphX is a technology and financial services company focused on optimizing credit markets. Its Cloud-based technology, actuarial science and reinsurance protocols enable fixed income dealers to offer new Rule 144A securities that optimally transfer and diffuse credit risk. The new DelphX platform will be regulated by the SEC and enable dealers to competitively structure, sell and make markets in: Covered Put Options (CPOs) that provide secured default protection for underlying corporate, municipal and sovereign securities, with each CPO strike-price equaling the par value of its underlying security Covered Reference Notes (CRNs) that enable credit investors to take on the default exposure of a si...