The leading sports betting, fantasy sports and casino company operating in markets across the globe, Rivalry Corp, released a new bi-weekly update on the status of a Management Cease Trade Order (MCTO) granted earlier this month.
Bi-weekly update by Rivalry reveals no material changes to the initial announcement
The company's initial announcement dates back to May 2, when it confirmed it wouldn't be able to meet the requirement for the filing of its Audited Annual Financial Statements, covering the fiscal year ended December 31, 2024, within the given deadline.
In light of this failure, Rivalry applied and received approval for the Management Cease Trade Order (MCTO).
The aforementioned Order was granted on May 1 by the Ontario Securities Commission under National Policy 12-203 – Management Cease Trade Orders.
In an update on Friday, Rivalry revealed that there have been "no material changes to the information" that its initial announcement contained.
Per the latest bi-weekly update, the company said it "it intends to continue to comply with the alternative information guidelines of NP 12-203; and except as previously disclosed, there are no subsequent specified defaults (actual or anticipated) within the meaning of NP 12-203."
The company plans to meet the new deadline of June 30 to file its Audited Financial Statements
Initially, Rivalry was expected to file its Audited Annual Financial Statements by April 30, 2025.
However, failing to meet this deadline resulted in the MCTO and an extension of the deadline required for the filing of the fiscal year documents.
Consequently, Rivalry will now aim to meet the extended deadline to complete the Annual Filings by June 30, 2025.
"The MCTO will remain in effect until the Company is no longer in default with respect to its filing requirements and the OSC lifts the cease trade order," reads the newly released bi-weekly update from the leading betting and gaming company.
In its initial announcement early in May, Rivalry emphasized: "The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed."
The MCTO means that Rivalry's Interim CFO and CEO are restricted from trading.
However, it's important to note that public trading isn't affected by the aforementioned Order.
Judging by the initial announcement, Rivalry will seek to complete the Annual Filings by the newly set deadline of June 30.
