Pacific Vector Holdings Inc. announced that the Ontario Securities Commission (“OSC”) has granted a temporary Management Cease Trade Order restricting insider trading in the company's stock until such time as management can make required securities filings with regulators.
The action sports brand and retailing company announced May 1 that it had applied for an MCTO until such time as it could file the Management Discussion and Analysis and related CEO and CFO Certifications of its annual filings for the financial year ended Jan. 5, 2014.
The temporary MCTO restricts all trading in securities of the company, whether direct or indirect, by the chief executive officer and the chief financial officer of the company until such time as the company can file the reports. All other parties are permitted to freely trade the company's securities. The OSC has given notice of a hearing to be held on May 20, 2014 for the purpose of extending the Temporary MCTO until the company has remedied the default and filed the required filings.
As previously announced the company needed more time to make the required filings while it secured financing and, subsequently, for its auditors to be compensated in order to complete the audit of its financial statements. Pacific Vector expects to file the required filings on or before June 13, 2014.
The company confirmed there are no insolvency proceedings against it at this time, nor is there any other material information concerning its affairs.
