OSC Halts NorthStar Gaming Trading After Auditor Withdraws Financial Report

The Ontario Securities Commission (OCS) has imposed a failure-to-file cease trade order (FFCTO) on NorthStar Gaming Holdings Inc. after the company failed to submit its audited 2025 annual financial statements. As a result, the operator of NorthStar Bets will be prohibited from trading on the TSX Venture Exchange in Canada, where it has been publicly listed since 2023.

NorthStar Gaming Fails to Submit Financial Statements

NorthStar Gaming Holdings Inc. said its independent auditor had notified the company that it was withdrawing its audit report. The company also announced that its annual meeting, originally scheduled for May 25, 2026, has been postponed.

As of May 6, 2026, the auditor withdrew the report it had issued on May 14, 2025, relating to the company’s 2024 financial results. The withdrawal indicates the auditor no longer considers those historical financial statements reliable, which has also undermined confidence in the company’s 2025 figures.

Without the support and sign-off of its independent auditor, NorthStar Gaming Holdings Inc. has been unable to complete its required regulatory filings. In anticipation of the delays, the company applied for a Management Cease Trade Order (MCTO). However, the OSC rejected the request, saying it was not satisfied that the filings could be completed within the required two-month timeframe.

Although trading in NorthStar Gaming Holdings Inc. shares has been halted on the TSX Venture Exchange, the ruling by the OSC does not affect wagering activity on NorthStar Bets, which continues to operate as normal. Once the vendor-related audit issue is resolved, the company expects to file its audited financial statements and then seek to have the OSC’s cease trade order revoked.

What Happens Next?

NorthStar Gaming has not provided a detailed timeline for when the outstanding filings will be completed. However, the company said it will update the market once more information becomes available. Under the rules surrounding the FFCTO, if the required filings are submitted within 90 days of the order being issued, they would automatically serve as an application to the OSC to revoke the cease trade order.

Michael Goodman, who became CEO of NorthStar in December after Michael Moskowitz exited the company, said the company is focused on taking deliberate and disciplined steps to move toward profitability. He noted that the anticipated annualized savings in general and administrative expenses largely reflect measures that have already been implemented.

Goodman added that management is continuing to introduce further efficiency and operating leverage initiatives across services, marketing expenditure, and cost of goods sold, which are expected to improve the company’s EBITDA performance significantly.