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Rivalry Announces Application for a Management Cease Trade Order for Late Filing of Annual Filings
TORONTO, April 15, 2025 (GLOBE NEWSWIRE) -- Rivalry Corp. (TSXV: RVLY) (OTCQB: RVLCF) ("Rivalry" ...
About this update from Rivalry Corp.
[{"type":"text","content":"Rivalry Announces Application for a Management Cease Trade Order for Late Filing of Annual Filings\n\n\n\n TORONTO, April 15, 2025 (GLOBE NEWSWIRE) -- Rivalry Corp. (TSXV: RVLY) (OTCQB: RVLCF) (\"Rivalry\" or the \"Company\"), the leading sportsbook and iGaming operator for digital-first players, today announces that it will be late in filing its audited financial statements and management’s discussion and analysis for the year ended December 31, 2024 and related certifications (the “Annual Filings”).\n \n\n In response to the Annual Filings delay, the Company has applied to the Ontario Securities Commission for a management cease trade order (the “MCTO”) under National Policy 12-203 – Management Cease Trade Orders (\"NP 12-203\") that will prohibit the management of the Company from trading in the securities of the Company until such time as the Annual Filings are filed. No decision has yet been made by the Ontario Securities Commission on this application. The Ontario Securities Commission may grant the application and issue the MCTO or it may impose an issuer cease trade order if the Annual Filings are not filed in a timely fashion. If the MCTO is granted, such an order would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the securities of the Company pending the filing of the Annual Filings on SEDAR+.\n \n\n As previously announced, the Company has initiated a review of strategic alternatives to maximize long-term stakeholder value (the “Strategic Review”). The Company has determined that it is in the best interests of the Company to utilize its current management resources to advance the Strategic Review, resulting in a delay of completing the Annual Filings by the April 30, 2025 deadline.\n \n\n The Company is working on the preparation of the Annual Filings and expects to complete the Strategic Review and the Annual Filings by June 30, 2025. Until the Annual Filings are filed, the Company intends to satisfy the provisions of the Alternate Information Guidelines as set out in NP 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.\n \n\n The Company confirms that it is not subject to any ...