Rivalry to Complete Delayed Annual Filings by the End of June

TSX Venture Exchange-listed next-gen betting operator Rivalry has released an update on the Management Cease Trade Order it was hit with earlier this year. The company, which had failed to submit its 2024 financial statements in time, had trading of its securities restricted and is now looking to catch up on submitting the necessary documents.

Rivalry Was Hit with MCTO

In its latest update, Rivalry said that it is still working on complying with the Ontario Securities Commission’s (OSC) demands and submitting all necessary financial statements and related documents, as required by Canada’s securities law.

For context, Rivalry was originally expected to publish its financial report for 2024 earlier this year. The filing should have included financial statements, management’s discussion and analysis, and related CEO and CFO certificates for the fiscal year ended December 31, 2024, however, were delayed. The delay was announced on May 2 when the company confirmed that it would need more time to compile the report. As a result, it was hit with a Management Cease Trade Order.

Rivalry has now confirmed that its Annual Filings are nearing completion and that the company expects to submit them very soon.

Rivalry Expects to Be Compliant with the OSC by Mid-July

The latest update provided June 30, 2025, as the date by which Rivalry hopes to complete and submit the Annual Filings for 2024.

In the meantime, Rivalry said that it expects to file its unaudited financial statements and management’s discussion and analysis for the first quarter of 2025 (the three-month period ended March 31, 2025/Q1) by July 14, 2025.

Rivalry noted that the OSC would only lift the Management Cease Trade Order once the Q1 filings have been completed.

Rivalry added that there have been no material changes since its first default announcement. It also stated that it intends to fully comply with the OSC’s requirements and that it does not expect further defaults.

The Company Initiated Review of Strategic Alternatives

Earlier this year, Rivalry’s board of directors initiated a review of strategic alternatives, seeking to optimize its business in order to maximize long-term shareholder value. The board noted that the strategic review will see it work alongside XST Capital to ensure that the company is best positioned to maintain its growth momentum and innovation efforts.

The initiative aligned with the company’s prudent corporate governance and ambition to expand its market share.