NorthStar Gaming has been hit with a failure-to-file cease trade order by the Ontario Securities Commission after missing its 2025 annual filing deadline. The order stops trading of the company’s securities in Canada. NorthStar said the delay is tied to an audit issue involving a technology vendor and a new controls report requested by its auditor.
NorthStar missed required 2025 filings
The OSC order was issued after NorthStar failed to file its audited annual financial statements for the year ended December 31, 2025. The company also missed the related management discussion and analysis, plus CEO and CFO certifications.
NorthStar had applied for a management cease trade order, which would usually restrict trading by company insiders rather than all investors. The OSC declined that request because NorthStar could not show the required filings would be completed within two months.
The Canadian Investment Regulatory Organization also halted NorthStar’s TSX Venture listing under the symbol BET on May 7. The stated reason was a cease trade order.
Auditor withdrew earlier report
NorthStar’s independent auditor withdrew its May 14, 2025 report on the company’s financial statements for 2024, 2023 and January 1, 2023. The auditor’s withdrawal took effect May 6, 2026, and NorthStar said the report should no longer be relied on.
The dispute centres on one of NorthStar’s material technology vendors. The auditor requested a new System and Organization Controls report covering tools that support player account management software.
NorthStar rejected the auditor’s position. The company said the vendor’s existing SOC report is reliable and that its financial statements continue to fairly present its financial position and results for the relevant periods.
Annual meeting has been postponed
NorthStar has also postponed its annual general and special meeting, which had been scheduled for May 25. The meeting will be rescheduled after the company files the delayed materials and the cease trade order is lifted.
The cease trade order remains in effect until revoked. It bars trading in NorthStar securities across Canada, with limited exceptions for certain non-insider shareholders selling securities acquired before May 6 through foreign markets.
NorthStar is working with the vendor to address the audit issue and deliver the requested controls report. If the required filings are submitted within 90 days of the order, they would serve as an application to revoke the cease trade order.
