Wayland Corp.’s stock has been halted by the Ontario Securities Commission after the company failed to file audited financial statements and an MD&A. Under the “Failure-to-File Cease Trade Order,” issued by the OSC on Monday, Wayland stock won’t be allowed to trade in any Canadian jurisdiction until the company fixes its filing deficiencies and the OSC gives the company the green light to re-commence trading.
Wayland, formerly called Maricann Group, indicated on April 30 that the cease trade order was coming, after the company and its auditor MNP LLP missed the filing deadline. The company sought relief under a Management Cease Trade Order, which would have prevented management and company insiders from trading shares, but allowed regular shareholders to continue trading. This request was denied.
“Despite the exercise of reasonable diligence in the circumstances, the Company has been advised by the OSC that its application for an MCTO was ultimately not successful because it was made less than two weeks before the deadline for making the Required Filings and that the OSC was of the view that the Company’s circumstances did not constitute a “rare situation” for the exercise of the OSC’s discretion in this regard,” Wayland said in an April 30 news release.
Non-insiders will still be allowed to sell Wayland stock through a “foreign organized regulated market,” if “the sale is made through an investment dealer registered in a jurisdiction of Canada.”