RE:Can someone explain this?I have an explanation. The OTC actualy has more info available than any canadian source.
Read the cease trade order details here.
https://www.otcmarkets.com/stock/KPIFF/news
Also not that the 2nd Cease Trade Order was revoked immediately after it was issued.!!! WTF? Why didn't the notices here reveal that or the details of the documents? There is something seriously wrong with the way this is being handled in Canada. Also, these notices are by law supposed to be prominently displayed on the company website! If I were a shareholder in this stock I would be making a phone call to the OSC for an explanation!!!
Anyway, the trading allowed on the OTC is explained in the highlighted text below I believe.
Interpretation
Terms defined in the Legislation, National Instrument 14-101 Definitions or National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions have the same meaning if used in this order, unless otherwise defined.
Order
6. It is ordered pursuant to section 144 of the Ontario Securities Act that the MCTO is revoked.
7. The Decision Maker is satisfied that the decision concerning the cease trade meets the test set out in the Legislation to make this decision.
8. It is ordered under the Legislation that trading, whether direct or indirect, cease in respect of each security of the Issuer.
9. Despite this order a beneficial security holder of the Issuer who is not, and was not at the date of this order, an insider or control person of the Issuer, may sell securities of the Issuer acquired before the date of this order if both of the following apply:
(a) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada; and
(b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.
DATED at Toronto this 15th day of October, 2020.
RoyallyScrewed wrote: Look at the last paragraph. It looks to me that even if all athe financial reports are submitted and the cease trade order is revoked, the company's shares will remain suspended until the company meets TSX Venture Exchange requirements. So what are the other requirements that they are not meeting that will keep their shares suspended?
Edgewater Wireless suspended by OSC
2020-10-16 16:45 ET - Cease Trade/Suspend Company
A cease trade order was issued by the Ontario Securities Commission on Oct. 15, 2020, against Edgewater Wireless Systems Inc., for failing to file its audited annual financial statements for the year ended April 30, 2020, the management's discussion and analysis relating to the audited annual financial statements for the year ended April 30, 2020, its interim financial statements for the period ended July 31, 2020, the management's discussion and analysis relating to the interim financial statements for the period ended July 31, 2020, and the certification of the foregoing filings, as required by National Instrument 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings.
Upon revocation of the cease trade order, the company's shares will remain suspended until the company meets TSX Venture Exchange requirements. Members are prohibited from trading in the securities of the company during the period of the suspension or until further notice.