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XTM Issues Cease Trade Order Announcement
Abstract：XTM Inc. announces an FFCTO issued by the OSC due to missing financial filings. Efforts are underway to resolve this and resume normal trading.
On July 3, 2024, the Ontario Securities Commission (OSC) issued a failure-to-file cease trading order (FFCTO) against XTM Inc. (QB: XTMIF / CSE/ FSE:7XT). This action follows XTM's failure to submit critical financial documents, specifically the audited annual financial statements and management's discussion and analysis (MD&A) for the fiscal year ending December 31, 2023, as well as the interim financial statements and MD&A for the fiscal year ending March 31, 2024.
Previously, on May 1, 2024, the OSC issued a management cease trade order (MCTO), prohibiting XTM's CEO and CFO from trading company stocks until the annual records were submitted. With the issuing of the FFCTO, the OSC revoked the MCTO, extending the trading restriction to all Corporation securities in all Canadian jurisdictions where XTM is a reporting issuer.
The FFCTO has halted trading in XTM's securities, including those listed on the Canadian Securities Exchange (CSE) until the order is removed. Beneficial security holders who were not insiders or control persons on July 3, 2024, may still trade their pre-existing shares if the transactions are conducted via a “foreign organized regulated market” and a registered Canadian investment dealer.
XTM certifies that it is not engaged in any insolvency cases. The firm is actively working with auditors and authorities to achieve compliance and transparency needs. The purpose is to submit the necessary yearly paperwork on time, with updates supplied when new information becomes available.
Corporate Update
Despite the present regulatory obstacles, XTM is still expanding. The firm is committed to attaining cash flow neutrality and minimizing its reliance on external funding. XTM is excited to provide future updates on the growth of its Earned Wage Access business and Canadian digital earnings activities.
About XTM
XTM is a Fintech company with locations in Miami, Toronto, Denver, and London. They specialize in payment solutions and provide AnyDay™, a certified Earned Wage Access product. XTM was founded in the cloud banking field and now provides on-demand pay services to organizations in the hospitality, personal care, and staffing industries. Earls, Maple Leaf Sports & Entertainment, Cactus Club, Marriott Hotels, and Live Nation are among the noteworthy brands they serve.
QRails, XTM's wholly owned subsidiary, provides a cloud-based, API-driven issuer-processor platform. QRails help payroll providers, financial institutions, and global fintech enterprises to adapt to the on-demand economy with innovative digital payment solutions. The core product, AnyDay™, enables firms to use payroll to attract and retain people at a reasonable cost. QRails, which was founded in 2016, and its UK affiliate are SAP-certified, as well as holding other industry certifications such as PCI DSS and SOC.
XTM is dedicated to resolving the present regulatory concerns and anticipates returning to regular trading activities as soon as feasible.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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