Rivalry Corp. Updates on Management Cease Trade Order
Rivalry Corp. (the “Company” or “Rivalry”) has recently shared important information regarding a management cease trade order (MCTO) issued by its principal regulator. This MCTO was granted under National Policy 12-203 due to a delay in filing the required annual financial statements for the fiscal year.
Details of the Management Cease Trade Order
The Company originally announced the delay on the 2nd of May. This included the management's discussion and analysis along with related CEO and CFO certifications. The expected completion of these annual filings is set for June 30. Furthermore, Rivalry is on track to submit their unaudited financial statements for the first quarter of the year — that ended on March 31. These filings are due by July 14.
Ongoing Compliance with Regulatory Guidelines
In alignment with NP 12-203, Rivalry intends to adhere to the alternative information guidelines throughout this period. As part of providing transparency to its stakeholders, the Company has confirmed that there have been no notable changes since the Default Announcement, except concerning the Q1 filings.
What Happens Next with the MCTO?
The MCTO will remain effective until Rivalry fulfills its filing obligations. Once the Company is compliant, it can seek to have the cease trade order lifted by the Ontario Securities Commission (OSC).
About Rivalry Corp.
Rivalry is a passionate participant in the sports betting and media landscape. The Company proudly operates its subsidiary, Rivalry Limited, which is a leader in regulated online wagering on esports, traditional sports, and digital gaming. With a base in Toronto, Rivalry’s impact spans over 20 countries. The Company has been fully licensed in the Isle of Man since 2018, a testament to its commitment to security and regulatory compliance in online gambling.
Rivalry's Market Position and Future Goals
Rivalry has not only secured operational licenses but has also made strides in extending its market reach. This includes obtaining additional licenses to offer their services across more jurisdictions, thus broadening their player base. The Company's forward-thinking approach encompasses innovative strategies aimed at engaging a new generation of bettors. The growing acceptance of digital currency has also seen Rivalry integrate cryptocurrencies within its platform, further enhancing user experience.
Commitment to Responsible Gambling
Rivalry takes its responsibilities seriously as it navigates the complexities of the gaming world. The Company is deeply committed to ensuring a safe and fair betting experience for its users. Ongoing education about responsible gambling practices is a cornerstone of their operational ethos.
Continuing to Evolve in a Competitive Market
The landscape of online gambling is ever-changing, with significant challenges and opportunities on the horizon. Rivalry is currently focused on maintaining its competitive edge amid changing regulations and market dynamics. This strategic vision is critical as the Company aims to solidify its position as a leader in the digital betting arena.
Company Contact Information
For inquiries, stakeholders can connect with Rivalry's Co-founder and CEO, Steven Salz, directly at ss@rivalry.com, or reach out to investor relations at investors@rivalry.com. The Company values open communication with its community.
Frequently Asked Questions
What is the purpose of the management cease trade order?
The management cease trade order prevents certain individuals from trading in the Company’s securities due to delays in filing required financial documents.
When are the annual financial statements expected to be filed?
The Company expects to complete the annual financial statements by June 30.
What is NP 12-203?
NP 12-203 refers to National Policy 12-203, which governs management cease trade orders in the Canadian securities market.
What licenses does Rivalry hold?
Rivalry holds an Isle of Man license and an internet gaming registration in Ontario, along with plans to acquire additional licenses.
How does Rivalry ensure responsible gambling?
Rivalry prioritizes user safety by promoting responsible gambling practices and ensuring a fair betting experience for all customers.
