Rivalry Announces Application for a Management Cease Trade Order for Late Filing of Annual Filings
Rivalry Corp (OTCQB: RVLCF) has announced a delay in filing its audited financial statements and management's discussion for the year ended December 31, 2024. The company has applied for a management cease trade order (MCTO) with the Ontario Securities Commission, which would restrict company management from trading securities until the Annual Filings are completed.
The delay is attributed to the company prioritizing its ongoing Strategic Review to maximize stakeholder value. Rivalry expects to complete both the Strategic Review and Annual Filings by June 30, 2025, missing the original April 30, 2025 deadline. The company will issue bi-weekly default status reports and confirms it is not subject to any insolvency proceedings.
Rivalry Corp (OTCQB: RVLCF) ha annunciato un ritardo nella presentazione del bilancio revisionato e della relazione della direzione per l'anno chiuso al 31 dicembre 2024. La società ha richiesto un ordine di sospensione delle negoziazioni da parte della direzione (MCTO) alla Ontario Securities Commission, che impedirà ai dirigenti di effettuare operazioni sui titoli fino al completamento delle Relazioni Annuali.
Il ritardo è dovuto alla priorità data dalla società alla sua Revisione Strategica in corso, finalizzata a massimizzare il valore per gli stakeholder. Rivalry prevede di completare sia la Revisione Strategica sia le Relazioni Annuali entro il 30 giugno 2025, superando così la scadenza originale del 30 aprile 2025. La società pubblicherà rapporti sullo stato di default ogni due settimane e conferma di non essere soggetta a procedure di insolvenza.
Rivalry Corp (OTCQB: RVLCF) ha anunciado un retraso en la presentación de sus estados financieros auditados y la discusión de la gerencia para el año terminado el 31 de diciembre de 2024. La empresa ha solicitado una orden de suspensión de negociación para la gerencia (MCTO) ante la Comisión de Valores de Ontario, que restringiría a la gerencia de la empresa de negociar valores hasta que se completen las Presentaciones Anuales.
El retraso se atribuye a que la empresa está priorizando su Revisión Estratégica en curso para maximizar el valor para los accionistas. Rivalry espera completar tanto la Revisión Estratégica como las Presentaciones Anuales para el 30 de junio de 2025, superando la fecha límite original del 30 de abril de 2025. La empresa emitirá informes quincenales sobre el estado de incumplimiento y confirma que no está sujeta a ningún procedimiento de insolvencia.
Rivalry Corp (OTCQB: RVLCF)는 2024년 12월 31일 종료된 회계연도에 대한 감사된 재무제표 및 경영진 논의서 제출이 지연될 것이라고 발표했습니다. 회사는 온타리오 증권위원회에 경영진 거래중지명령(MCTO)을 신청했으며, 이는 연례 제출서류가 완료될 때까지 경영진의 증권 거래를 제한하는 조치입니다.
지연 사유는 이해관계자 가치를 극대화하기 위한 진행 중인 전략 검토에 우선순위를 둔 데 있습니다. Rivalry는 전략 검토와 연례 제출서류를 2025년 6월 30일까지 완료할 계획이며, 원래 마감일인 2025년 4월 30일을 넘기게 됩니다. 회사는 2주마다 기본 상태 보고서를 발행하며, 현재 파산 절차 대상이 아님을 확인했습니다.
Rivalry Corp (OTCQB : RVLCF) a annoncé un retard dans le dépôt de ses états financiers audités et de la discussion de la direction pour l'exercice clos le 31 décembre 2024. La société a demandé un ordre de suspension des transactions par la direction (MCTO) auprès de la Commission des valeurs mobilières de l'Ontario, ce qui empêcherait la direction de négocier des titres jusqu'à la finalisation des dépôts annuels.
Ce retard est dû à la priorité accordée par la société à sa revue stratégique en cours, visant à maximiser la valeur pour les parties prenantes. Rivalry prévoit de terminer à la fois la revue stratégique et les dépôts annuels d'ici le 30 juin 2025, dépassant ainsi la date limite initiale du 30 avril 2025. La société publiera des rapports d'état de défaut toutes les deux semaines et confirme qu'elle n'est soumise à aucune procédure d'insolvabilité.
Rivalry Corp (OTCQB: RVLCF) hat eine Verzögerung bei der Einreichung der geprüften Finanzberichte und der Managementdiskussion für das zum 31. Dezember 2024 endende Geschäftsjahr angekündigt. Das Unternehmen hat bei der Ontario Securities Commission eine Management-Handelssperre (MCTO) beantragt, die das Management daran hindert, Wertpapiere zu handeln, bis die Jahresberichte abgeschlossen sind.
Die Verzögerung ist darauf zurückzuführen, dass das Unternehmen seine laufende Strategische Überprüfung priorisiert, um den Wert für die Stakeholder zu maximieren. Rivalry rechnet damit, sowohl die Strategische Überprüfung als auch die Jahresberichte bis zum 30. Juni 2025 abzuschließen und damit die ursprüngliche Frist vom 30. April 2025 zu verpassen. Das Unternehmen wird alle zwei Wochen Statusberichte zum Verzug veröffentlichen und bestätigt, dass keine Insolvenzverfahren anhängig sind.
- Strategic review ongoing to maximize stakeholder value
- Company confirms no insolvency proceedings
- Delay in filing 2024 annual financial statements and management discussion
- Management trading restrictions pending through MCTO application
- Company resources diverted from regular financial reporting duties
TORONTO, April 15, 2025 (GLOBE NEWSWIRE) -- Rivalry Corp. (TSXV: RVLY) (OTCQB: RVLCF) ("Rivalry" or the "Company"), the leading sportsbook and iGaming operator for digital-first players, today announces that it will be late in filing its audited financial statements and management’s discussion and analysis for the year ended December 31, 2024 and related certifications (the “Annual Filings”).
In response to the Annual Filings delay, the Company has applied to the Ontario Securities Commission for a management cease trade order (the “MCTO”) under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") that will prohibit the management of the Company from trading in the securities of the Company until such time as the Annual Filings are filed. No decision has yet been made by the Ontario Securities Commission on this application. The Ontario Securities Commission may grant the application and issue the MCTO or it may impose an issuer cease trade order if the Annual Filings are not filed in a timely fashion. If the MCTO is granted, such an order would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the securities of the Company pending the filing of the Annual Filings on SEDAR+.
As previously announced, the Company has initiated a review of strategic alternatives to maximize long-term stakeholder value (the “Strategic Review”). The Company has determined that it is in the best interests of the Company to utilize its current management resources to advance the Strategic Review, resulting in a delay of completing the Annual Filings by the April 30, 2025 deadline.
The Company is working on the preparation of the Annual Filings and expects to complete the Strategic Review and the Annual Filings by June 30, 2025. Until the Annual Filings are filed, the Company intends to satisfy the provisions of the Alternate Information Guidelines as set out in NP 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.
The Company confirms that it is not subject to any insolvency proceeding as of the date hereof. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date hereof.
Company Contact:
Steven Salz, Co-founder & CEO
ss@rivalry.com
Investor Contact:
investors@rivalry.com
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Strategic Review, the anticipated filing of the Annual Filings, the application for the MCTO and the granting thereof by the Ontario Securities Commission.
Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; negative cash flow from operations and the Company’s ability to operate as a going concern; failure to retain or add customers; the Company having a limited operating history; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s management’s discussion and analysis for the three and nine months ended September 30, 2024 under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at www.sedarplus.ca.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FAQ
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