Competition to Submit Delayed Annual Reports by the June End
Fresh Take:
Hey there! Let's chat about the latest updates from Rivalry, the spicy next-gen betting operator listed on the TSX Venture Exchange. They've been juggling a bit of a pickle lately, thanks to a naughty little Management Cease Trade Order (MCTO) they received earlier this year. What a bummer, huh?
The situation started when Rivalry failed to submit their 2024 financial statements on time, leading to a trade restriction. Now, they're playing catch-up to submit the necessary documents needed to appease the Ontario Securities Commission (OSC).
Remember when they were supposed to release their financial report for 2024 earlier this year? Well, those financial statements, management’s discussion and analysis, and related CEO and CFO certificates for the fiscal year ended December 31, 2024 were waylaid. Don't worry, they announced the delay on May 2, when they admitted they needed more time to get their stuff together. Tragic, right?
But fear not, because Rivalry has confirmed that their Annual Filings are nearly finished and they're hoping to submit them soon. They've even given us a date to look forward to: June 30, 2025.
In the meantime, they're planning to file their unaudited financial statements and management’s discussion and analysis for the first quarter of 2025 (the three-month period ended March 31, 2025) by July 14, 2025. Once these filings are submitted, the OSC will likely lift the MCTO, allowing the trading activities of company management to resume.
There have been no major surprises since the initial default announcement. They're still working hard to comply with the OSC's demands and, according to them, they don't expect any further mishaps.
In a more exciting development, Rivalry's board of directors has initiated a review of strategic alternatives. They're trying to optimize their business to maximize long-term shareholder value. It seems they're working alongside XST Capital to ensure they're in tip-top shape for ongoing growth and innovation endeavors. Sounds like a good move, right?
Stay tuned for more updates from this spicy gaming operator! 🔥🚀💼
P.S. For those of you who crave more details, according to their enrichment data, as of June 24, 2025, the MCTO imposed by the OSC remains in effect. The MCTO was issued due to delays in filing annual financial statements and related management certifications for the fiscal year ended December 31, 2024. Rivalry expects to complete and file their Annual Filings by June 30, 2025 and plans to submit their unaudited financial statements and management’s discussion and analysis for the first quarter ended March 31, 2025 by July 14, 2025. The OSC will continue to restrict the trading activities of company management until these filings are submitted for full compliance.
The delay in submitting Rivalry's 2024 financial statements has led to an uncertainty in the business sector, affecting not only their operations but also the interests of potential investors. In an effort to alleviate this, Rivalry is planning to engage in financial restructuring, partnering with XST Capital, to ensure their long-term growth and financial stability.
