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Business Wire
6 days ago
- Business
- Business Wire
Li-Cycle Receives Cease Trade Order from Ontario Securities Commission
TORONTO--(BUSINESS WIRE)-- Li-Cycle Holdings Corp. (OTC Pink Markets: LICYQ) ('Li-Cycle' or the 'Company'), a leading global lithium-ion battery resource recovery company, announced that, after close of markets on June 5, 2025, the Company received a cease trade order ('CTO') issued by the Ontario Securities Commission ('OSC') as a result of the Company's failure to file periodic disclosures required by Ontario securities legislation. These disclosures include the interim financial statements, and management's discussion and analysis relating to such interim financial statements, for the period ended March 31, 2025, and certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. The CTO prohibits any person or company from trading, directly or indirectly, in any security of the Company in Ontario and each other jurisdiction of Canada that has a statutory reciprocal order provision, except in accordance with the conditions that are contained in the CTO, for as long as the CTO remains in effect. A beneficial security holder of Li-Cycle who is not, and was not an insider or control person of the Company at the date of the CTO may sell securities of Li-Cycle acquired before the date of the CTO, if both of the following apply: the sale is made through a "foreign organized regulated market" (or 'FORM'), as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Li-Cycle's common shares are currently quoted on the OTC Pink Markets, which generally does not meet the FORM criteria. As previously disclosed, on May 14, 2025, Li-Cycle and its subsidiaries in North America sought and obtained from the Ontario Superior Court of Justice (the 'Court') an order (the "Initial Order") providing them with creditor protection pursuant to Canada's Companies' Creditors Arrangement Act (the "CCAA"). On May 15, 2025, the CCAA proceedings were recognized, and immediate stays of proceedings entered, by the United States Bankruptcy Court for the Southern District of New York pursuant to Chapter 15 of the United States Bankruptcy Code. Given the ongoing CCAA proceedings and the Initial Order, as amended and restated on May 22, 2025, Li-Cycle has determined that it does not currently intend to devote additional time or financial resources towards its public disclosure obligations in Canada and the United States. The Company's common shares are expected to remain qualified to trade on the OTC Pink Markets for 180 days from the period end date of its most recently filed Annual Report on Form 10-K, which was for the period ended December 31, 2024. As Li-Cycle does not currently intend to file disclosures required by the U.S. Securities and Exchange Commission ('SEC'), the Company expects it will be moved from the OTC Pink Markets to the OTC Expert Markets on or around June 30, 2025, pursuant to SEC Rule 15c2-11. Holders of Li-Cycle securities are urged to consult with their own investment advisors or legal counsel regarding the implications of the CTO. A copy of the CTO can be found on SEDAR+ at Additional information regarding the CCAA proceedings is available on the website of Alvarez & Marsal Canada Inc., the Court-appointed monitor of the Company during the CCAA proceedings, at About Li-Cycle Holdings Corp. Li-Cycle (OTC Pink Markets: LICYQ) is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle's mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. For more information, visit Forward-Looking Statements Certain statements contained in this press release may be considered 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as 'believe', 'may', 'will', 'continue', 'anticipate', 'intend', 'expect', 'should', 'would', 'could', 'plan', 'potential', 'future', 'target' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about: the Company's expectation that its common shares will remain qualified to trade on the OTC Pink Markets for 180 days following December 31, 2024, and that its common shares will be moved from the OTC Pink Markets to the OTC Expert Markets on or around June 30, 2025 pursuant to SEC Rule 15c2-11. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the Company's current and future liquidity and financial resources and the Company's CCAA process. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements. These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle's current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the risks and uncertainties related to Li-Cycle's business are described in greater detail in the section titled "Part I - Item 1A. Risk Factors" and 'Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation' in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
Yahoo
6 days ago
- Business
- Yahoo
Li-Cycle Receives Cease Trade Order from Ontario Securities Commission
TORONTO, June 06, 2025--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (OTC Pink Markets: LICYQ) ("Li-Cycle" or the "Company"), a leading global lithium-ion battery resource recovery company, announced that, after close of markets on June 5, 2025, the Company received a cease trade order ("CTO") issued by the Ontario Securities Commission ("OSC") as a result of the Company's failure to file periodic disclosures required by Ontario securities legislation. These disclosures include the interim financial statements, and management's discussion and analysis relating to such interim financial statements, for the period ended March 31, 2025, and certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. The CTO prohibits any person or company from trading, directly or indirectly, in any security of the Company in Ontario and each other jurisdiction of Canada that has a statutory reciprocal order provision, except in accordance with the conditions that are contained in the CTO, for as long as the CTO remains in effect. A beneficial security holder of Li-Cycle who is not, and was not an insider or control person of the Company at the date of the CTO may sell securities of Li-Cycle acquired before the date of the CTO, if both of the following apply: the sale is made through a "foreign organized regulated market" (or "FORM"), as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Li-Cycle's common shares are currently quoted on the OTC Pink Markets, which generally does not meet the FORM criteria. As previously disclosed, on May 14, 2025, Li-Cycle and its subsidiaries in North America sought and obtained from the Ontario Superior Court of Justice (the "Court") an order (the "Initial Order") providing them with creditor protection pursuant to Canada's Companies' Creditors Arrangement Act (the "CCAA"). On May 15, 2025, the CCAA proceedings were recognized, and immediate stays of proceedings entered, by the United States Bankruptcy Court for the Southern District of New York pursuant to Chapter 15 of the United States Bankruptcy Code. Given the ongoing CCAA proceedings and the Initial Order, as amended and restated on May 22, 2025, Li-Cycle has determined that it does not currently intend to devote additional time or financial resources towards its public disclosure obligations in Canada and the United States. The Company's common shares are expected to remain qualified to trade on the OTC Pink Markets for 180 days from the period end date of its most recently filed Annual Report on Form 10-K, which was for the period ended December 31, 2024. As Li-Cycle does not currently intend to file disclosures required by the U.S. Securities and Exchange Commission ("SEC"), the Company expects it will be moved from the OTC Pink Markets to the OTC Expert Markets on or around June 30, 2025, pursuant to SEC Rule 15c2-11. Holders of Li-Cycle securities are urged to consult with their own investment advisors or legal counsel regarding the implications of the CTO. A copy of the CTO can be found on SEDAR+ at Additional information regarding the CCAA proceedings is available on the website of Alvarez & Marsal Canada Inc., the Court-appointed monitor of the Company during the CCAA proceedings, at About Li-Cycle Holdings Corp. Li-Cycle (OTC Pink Markets: LICYQ) is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle's mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. For more information, visit Forward-Looking Statements Certain statements contained in this press release may be considered "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as "believe", "may", "will", "continue", "anticipate", "intend", "expect", "should", "would", "could", "plan", "potential", "future", "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about: the Company's expectation that its common shares will remain qualified to trade on the OTC Pink Markets for 180 days following December 31, 2024, and that its common shares will be moved from the OTC Pink Markets to the OTC Expert Markets on or around June 30, 2025 pursuant to SEC Rule 15c2-11. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the Company's current and future liquidity and financial resources and the Company's CCAA process. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements. These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle's current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the risks and uncertainties related to Li-Cycle's business are described in greater detail in the section titled "Part I - Item 1A. Risk Factors" and "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation" in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement. Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle's assessments as of any date subsequent to the date of this press release. View source version on Contacts Investors & MediaInvestors: investors@ Media: media@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
08-05-2025
- Business
- Cision Canada
Ontario Securities Commission Issues Failure-to-File Cease Trade Order Against 4Front
PHOENIX, May 8, 2025 /CNW/ - 4Front Ventures Corp. ("4Front" or the "Company") (CSE: FFNT) (OTCQB: FFNTF), a vertically integrated cannabis operator, announces that on May 7, 2025, the Ontario Securities Commission ("OSC") issued a failure-to-file cease trade order (the "Order") against the Company. The OSC determined that the Company had not filed the following periodic disclosure required by the securities legislation of Ontario ("Legislation"): audited annual financial statements for the year ended December 31, 2024; management's discussion and analysis relating to the audited annual financial statements for the year ended December 31, 2024; and certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. As a result of the Order, if the Company is a reporting issuer in a jurisdiction in which Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions applies, a person or company must not trade in or purchase a security of the Company in that jurisdiction, except in accordance with the conditions that are contained in the Order, if any, for so long as the Order remains in effect. Further, the Order takes automatic effect in each jurisdiction of Canada that has a statutory reciprocal order provision, subject to the terms of the local securities legislation. The Order states that OSC was satisfied that the decision concerning the cease trade meets the test set out in the Legislation to make the decision. The Order directs that under the Legislation trading, whether direct or indirect, cease in respect of each security of the Company. The Order further directs that, despite the Order, a beneficial security holder of the Company who is not, and was not at the date of the Order, an insider or control person of the Company, may sell securities of the Company acquired before the date of the 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 Canadian Investment Regulatory Organization; and b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. As to interpretation, the Order states that 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 the Order, unless otherwise defined. About 4Front Ventures Corp. 4Front is a national, vertically integrated multi-state cannabis operator with operations in Illinois and Massachusetts and facilities in Washington. Since its founding in 2011, 4Front has built a strong reputation for its high standards and low-cost cultivation and production methodologies earned through a track record of success in facility design, cultivation, genetics, growing processes, manufacturing, purchasing, distribution, and retail. To date, 4Front has successfully brought to market more than 20 different cannabis brands and over 1,800 products, which are strategically distributed through its fully owned and operated Mission dispensaries and retail outlets in its core markets. For more information, visit
Business Upturn
01-05-2025
- Business
- Business Upturn
Marksmen Energy Inc. Announces Delay in Filing its 2024 Annual Financial Statements and Issuance of Promissory Note
CALGARY, ALBERTA,, May 01, 2025 (GLOBE NEWSWIRE) — Marksmen Energy Inc. ('Marksmen' or the 'Company') announced today that its annual financial statements, accompanying management's discussion and analysis and related chief executive officer ('CEO') and chief financial officer ('CFO') certifications for the financial year ended December 31, 2024 (the 'Annual Filings'), may not be filed within the period prescribed for the filing of such documents under Parts 4, 5 and 6 of National Instrument 51-102 Continuous Disclosure Obligations and pursuant to National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, namely within 120 days of year-end, being April 30, 2025 (the 'Filing Deadline'). The delay in filing the Annual Filings is related to the Company's inability to raise capital for the year 2024 and through Q1 2025 due to market conditions. As such, the Company experienced an unanticipated delay in receipt of funds to pay the Company's external auditor to complete the audit. Such funds have since been received by the Company on April 24, 2025 pursuant to the Loan described below. The Company has since engaged with its auditor to complete the audit to address the completion of the Annual Filings. Marksmen is working closely with its auditor MNP LLP and is making every effort to submit the Annual Filings in a timely fashion and expects to file no later than June 15, 2025. The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders ('NP 12-203'). The Company has made an application to the Alberta Securities Commission, as principal regulator of the Company, a management cease trade order ('MCTO') under NP 12-203 in respect of the default regarding the Annual Filings. The MCTO will prohibit the CEO and the CFO from trading in securities of Marksmen for two full business days after all the required filings have been filed on SEDAR+. The issuance of the MCTO, if issued, does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company's securities. The application for the MCTO remains subject to the risk factors described in 'Forward Looking Information and Risk Factors' below, including the risk that the MCTO application may not be successful or may not be completed prior to a securities commission issuing a failure-to-file cease trade order against the Company following the Filing Deadline. The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 9 and 10 of NP 12-203 respecting Management Cease Trade Orders for so long as it remains in default as a result of the late filing of the Annual Filings. During the period of default, the Company will issue biweekly default status reports in the form of further news releases, which will also be filed on SEDAR+. The Company confirms that there are no insolvency proceedings against it as of the date of this news release. 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 of this news release. Promissory Note The Company also announces that it has obtained an unsecured non-convertible loan (the 'Loan') in the amount of CAD$250,000 from Conex Services Inc. ('Conex'). The Loan is evidenced by a promissory note issued by the Company to Conex on April 24, 2025 (the 'Promissory Note'). The amount outstanding under the Promissory Note bears interest at a rate of 15% per annum and is due and payable in full on December 31, 2025. Related Party Participation The Loan is being provided by Conex, which is an entity wholly owned by Glenn Walsh, an insider of the Company by virtue of holding more than 10% of the outstanding common shares of the Company. As an insider of the Company participated in this transaction, it is deemed to be a 'related party transaction' as defined under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions ('MI 61-101'). Since the Promissory Note is not convertible into shares of Marksmen, there will be no effect on the voting interests of any related parties. The Promissory Note was approved by all of the directors of Marksmen. The entering into of the Promissory Note with respect to the Loan is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(b) and 5.7(1)(f)) as the Company is not listed on a specified market and the Loan is not convertible into or repayable with equity or voting securities of the Company. For additional information regarding this news release please contact Archie Nesbitt, Director and CEO of the Company at (403) 265-7270 or e-mail [email protected] . Forward Looking Information and Risk Factors This news release contains statements and information that may constitute 'forward-looking information' within the meaning of applicable securities legislation, including statements identified by the use of words such as 'will', 'expects', 'positions', 'believe', 'potential' and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Such forward-looking information is not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or may contain statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'will continue', 'will occur' or 'will be achieved'. The forward-looking information contained herein may include, but is not limited to, information concerning the estimated filing date of the Annual Filings, and whether the Alberta Securities Commission will grant the Company's application for an MCTO. By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. Some of these risks include, but are not limited to, the risk that the Annual Filings are filed later than anticipated, the risk that the Company's application for an MCTO is not successful for any reason, in which case there is a risk that trading in the Company's securities may halted by the TSX Venture Exchange and/or cease traded temporarily by the Canadian securities commissions after the Filing Deadline until such time as the Annual Filings are filed on SEDAR+. Additional information regarding risks and uncertainties of the Company's business are contained under the headings 'Financial Risk Management' and 'Going Concern' in the Company's Management's Discussion & Analysis for the condensed interim consolidated financial statements for the nine months ended September 30, 2024 and the Company's other public filings which are available under the Company's profile on SEDAR+ at . Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. In connection with the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information contained in this news release are made as of the date of this news 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. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
