XTM Resumes Trading and Provides Update on QRails Transaction
2023-08-10 18:59 ET - News Release
Company Website: https://xtminc.com
MIAMI & TORONTO -- (Business Wire)
XTM Inc. (“XTM” or the “Company”) (QB: XTMIF / CSE:PAID / FSE:7XT), a Miami and Toronto-based Fintech creator of disruptive payment innovations including fully certified Earned Wage Access through its QRails AnyDay™ product, is pleased to announce that the Ontario Securities Commission (the “OSC”), the Company’s principal regulator, has revoked the cease trade order (the “CTO”) and trading in the common shares of the Company through the facilities of the Canadian Securities Exchange (the “CSE”) resumes trading on August 10, 2023. (https://thecse.com/en/about/publications/bulletins/2023-0811-reinstatement-xtm-inc-paid )
The CTO against the Company, effective July 18, 2023, was a result of the Company’s failure to file the following (collectively, the “Required Filings”):
- audited annual financial statements for the year ended December 31, 2022, management’s discussion & analysis relating to the audited annual financial statements and related officer certifications for the year ended December 31, 2022 (the “Annual Documents”);
- interim financial statements for the period ended March 31, 2023, management’s discussion & analysis relating to the interim financial statements and related officer certifications for the year for the period ended March 31, 2023 (the “Interim Documents”);
The Annual Documents and Interim Documents were filed on August 3, 2023, and copies are available under the Company’s SEDAR profile at www.sedarplus.ca.
The company is pleased to provide an update on the imminent close of the QRails transaction announced on June 15, 2023. The Transaction, structured as an agreement and plan of merger by and between the Company, XTM USA Inc., QRails and XTM QRails USA Inc. (“SubCo”), a wholly owned subsidiary of the Company. With the resumption of trading and the filing of the financials the Company and Qrails have now met all closing conditions and will close the transaction on or before August 18, 2023.
Certain officers and directors of the Company will be acquiring a minimum of 1,000,000 shares of XTM to be filed on SEDI in the coming days.