XTM Inc. Announces Issuance of Failure-to-File Cease Trade Order by Ontario Securities Commission

XTM Inc. Faces Cease Trade Order from Ontario Securities Commission

TORONTO — XTM Inc. (“XTM” or the “Corporation”) has recently been issued a failure-to-file cease trade order (FFCTO) by the Ontario Securities Commission (OSC). This order was issued due to the Corporation’s failure to file required financial documents.

The Required Filings that XTM failed to submit include audited annual financial statements for the year ended December 31, 2023, as well as interim financial statements for the period ended March 31, 2024. The OSC had previously granted a management cease trade order (MCTO) which has now been revoked in light of the FFCTO.

The FFCTO prohibits trading of XTM’s securities in Canada until the required filings are submitted. However, an exception is made for beneficial securityholders who acquired securities before July 3, 2024, and meet specific criteria for selling their shares.

Despite these challenges, XTM remains focused on achieving a cash-flow neutral state and reducing reliance on external financing. The Corporation is working diligently with auditors and regulators to ensure compliance and intends to file the necessary documents promptly.

XTM, a Fintech company with offices in various locations, specializes in payment innovations such as Earned Wage Access through its AnyDay™ product. The company is committed to providing updates on its business growth and digital earnings initiatives.

While XTM faces regulatory hurdles, it remains optimistic about its future prospects and is dedicated to meeting its disclosure requirements. For more information, visit the source version on businesswire.com.

Contact:
Marilyn Schaffer
E: finance@xtminc.com
T: 416.260.1641
https://www.xtminc.com/

This article was originally published on Business Wire and can be viewed at https://www.businesswire.com/news/home/20240705127145/en/.