XTM Inc, a Fintech payment innovator, announces that on July 3, 2024, the Securities and Exchange Commission of Ontario (OSC) issued a cease trading order (FFCTO) for failure to file cases against the Company.
The FFCTO is a result of XTM’s failure to submit the following:
- audited annual financial statements for the year ended December 31, 2023, management’s discussion and analysis of the audited annual financial statements and related officer certifications for the year ended December 31, 2023;
- interim financial statements for the period ended March 31, 2024, management’s discussion and analysis of the interim financial statements and related certifications of officers for the year ended March 31, 2024.
The FFCTO prohibits any person from trading in any of the Company’s securities in any jurisdiction in Canada in which the Company is a reporting issuer, including trading in the Company’s securities on the Canadian Stock Exchange (CSE), for as long as the FFCTO remains in strength.
The FFCTO provides an exemption for holders of securities of the Company who are not currently (and were not until July 3, 2024) insiders or controllers of the Company and who sell securities of the Company acquired before July 3, 2024, if both the following criteria are met: (I) the sale is made through an “organized foreign regulated market” as defined in section 1.1 of the Global Market Integrity Rules of the Canadian Investment Corporation. and (ii) the sale is made through an investment agent registered in a Canadian jurisdiction under applicable securities laws.
The Company is not currently subject to any insolvency proceedings.
XTM commented:
“The Company is working with its auditors and regulatory authorities to ensure that full compliance and disclosure requirements are met. The Company intends to file the Annual Documents as soon as possible and will provide updates as more information regarding the Annual Documents becomes available and as required.”