XTM announces Cease Trade Order

XTM Inc, a Fintech creator of payment innovations, announces that on July 3, 2024, the Ontario Securities Commission (OSC) issued a failure-to-file cease trade order (FFCTO) to the Corporation.

The FFCTO is a result of XTM’s failure to file the following:

  • audited annual financial statements for the year ended December 31, 2023, management’s discussion & analysis relating to 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 & analysis relating to the interim financial statements and related officer certifications for the year for the period ended March 31, 2024.

The FFCTO prohibits the trading by any person of any securities of the Corporation in each jurisdiction in Canada in which the Corporation is a reporting issuer, including trades in the Corporation’s securities made through the Canadian Securities Exchange (CSE), for as long as the FFCTO remains in effect.

The FFCTO provides an exception for beneficial securityholders of the Corporation who are not currently (and who were not as of July 3, 2024) insiders or control persons of the Corporation and who sell securities of the Corporation acquired before July 3, 2024 if both of the following criteria are met: (i) the sale is made through a “foreign organized regulated market”, as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.

The Corporation is not currently subject to any insolvency proceedings.

XTM commented:

“The Corporation is working with its auditors and the regulators to ensure full compliance and disclosure requirements are met. The Corporation intends to file the Annual Documents as soon as possible and will provide updates as further information relating to the Annual Documents becomes available and as required”.