Rivalry Corp. Faces Filing Delay Yet Secures Key Financing
Rivalry Corp. (TSXV: RVLY) (OTCQB: RVLCF), a prominent player in the iGaming and sportsbook sector, has recently encountered a delay in its financial reporting. Specifically, the company missed the deadline to submit its Audited Annual Financial Statements and Management’s Discussion and Analysis for the fiscal year concluding December 31.
Management Cease Trade Order Implemented
Due to the inability to meet the April deadline, Rivalry has applied for and received a Management Cease Trade Order (MCTO) from the Ontario Securities Commission. This order, which falls under National Policy 12-203, allows the company additional time to file the necessary documents until June 30. During this period, Rivalry remains optimistic about completing its Annual Filings on schedule.
Guidelines and Reporting Compliance
As part of complying with the MCTO, Rivalry is required to issue bi-weekly default status reports to keep stakeholders informed. It is important to note that trading of Rivalry’s subordinate voting shares remains unaffected for the general public, although trading for the company’s Chief Executive Officer and Interim Chief Financial Officer will be restricted until the filings are complete.
Financial Support and Strategic Review
In a positive turn of events, Rivalry has secured a loan of US$600,000 from its existing senior lender, with an interest rate set at 10% per annum. This financial support is set to mature on September 30, further bolstering Rivalry's strategic review process.
Emphasizing Long-term Stakeholder Value
This loan underscores Rivalry's commitment to executing its strategic initiatives aimed at maximizing long-term value for its stakeholders. As the company navigates through these challenges, it remains focused on its growth potential in the dynamic iGaming market.
About Rivalry Corp.
Rivalry Corp. operates Rivalry Limited, a leading betting and media company providing regulated online wagering on esports, traditional sports, and casino games tailored for the digital age. With a presence in over 20 countries, the firm is establishing its footprint globally. Notably, Rivalry has held an Isle of Man license since 2018, a testament to its credibility in the online gambling space.
Innovation and Market Positioning
Rivalry's marketing strategy leverages world-class creative execution and innovative brand positioning within online culture, thereby appealing to a generation born on the internet. With offerings including a native crypto token and a focus on engaging digital-first users, Rivalry is at the forefront of reshaping the online gambling landscape.
Company Contact Information
Company Contact:
Steven Salz, Co-founder & CEO
Email: ss@rivalry.com
Investor Contact:
Email: investors@rivalry.com
Frequently Asked Questions
What led to Rivalry’s Management Cease Trade Order?
The Management Cease Trade Order was issued due to Rivalry's failure to file their Annual Financial Statements by the required deadline.
What is the new deadline for Rivalry’s filings?
The new deadline for submitting the Annual Filings is set for June 30, 2025.
How does the MCTO affect shareholder trading?
While shareholders can still trade Rivalry's stock, the company's executives are prohibited from trading until the required filings are completed.
What financial measures is Rivalry taking during this period?
Rivalry has secured a US$600,000 loan from its senior lender to support its strategic initiatives and operational capacity during this time.
How is Rivalry positioned in the online gambling market?
Rivalry is a leading operator in the online betting sector, focusing on esports and traditional sports, and has a solid presence in multiple international markets.
