Summary
- In early May, Rivalry announced that it had obtained approval for a Management Cease Trade Order after missing the deadline to file its audited financial statements for fiscal year 2024.
- On Friday, the company issued an update stating that there have been no changes to the initial announcement.
- Rivalry expressed confidence in completing the Annual Filings by the new deadline of June 30, 2025.
Rivalry Corp, a prominent global company in sports betting, fantasy sports, and casino services, has issued 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 originally announced on May 2 that it would not meet the deadline for filing its Audited Annual Financial Statements for the fiscal year ending December 31, 2024. As a result, Rivalry applied for and received approval for a Management Cease Trade Order (MCTO). This Order was granted on May 1 by the Ontario Securities Commission under National Policy 12-203 – Management Cease Trade Orders. In a recent update, Rivalry stated that there have been no material changes to the information provided in its initial announcement. According to the latest bi-weekly update, the company intends to continue following the alternative information guidelines of NP 12-203, and apart from what has been previously disclosed, there are no additional defaults, either actual or anticipated, as defined by NP 12-203.
The company plans to meet the new deadline of June 30 to file its Audited Financial Statements
Rivalry had initially planned to submit its Audited Annual Financial Statements by April 30, 2025. However, missing this deadline led to the imposition of a Management Cease Trade Order (MCTO) and necessitated an extension for filing the fiscal year documents. Now, Rivalry is targeting June 30, 2025, to meet the new deadline for the Annual Filings. According to a recently released bi-weekly update from the leading betting and gaming company, the MCTO will remain in place until Rivalry satisfies its filing obligations and the Ontario Securities Commission (OSC) lifts the cease trade order. In an announcement made earlier in May, Rivalry assured that there are no insolvency proceedings against the company and no undisclosed material information regarding its affairs. The MCTO restricts the trading activities of Rivalry's Interim CFO and CEO. However, it's important to note that public trading activities remain unaffected by this order. Based on the initial announcement, Rivalry is committed to completing the Annual Filings by the extended deadline of June 30.
