Ontario Securities Commission Halts Trading in NorthStar Gaming After Auditor Withdraws Financial Report

(AsiaGameHub) –   The Ontario Securities Commission (OSC) has issued a failure-to-file cease trade order (FFCTO) against NorthStar Gaming Holdings Inc. due to the company’s failure to provide its 2025 audited annual financial statements. As a result, the operator of NorthStar Bets is prohibited from trading on Canada’s TSX Venture Exchange, where it has been listed since 2023.

NorthStar Gaming Unable to File Financial Statements

NorthStar Gaming Holdings Inc. announced that its independent auditor has withdrawn its previous audit report. Furthermore, the company has postponed its annual meeting, which was originally scheduled to take place on May 25, 2026.

On May 6, 2026, the auditor retracted the report it issued on May 14, 2025, regarding the company’s 2024 financial performance. This withdrawal implies that the auditor no longer views those historical statements as reliable, a move that has also cast doubt on the company’s 2025 financial figures.

Without the necessary validation from its independent auditor, NorthStar Gaming Holdings Inc. has been unable to meet its regulatory filing requirements. The company had applied for a Management Cease Trade Order (MCTO) to manage the delay, but the OSC denied the request, stating it was unconvinced the filings could be completed within the necessary two-month period.

While trading of NorthStar Gaming Holdings Inc. shares is currently suspended on the TSX Venture Exchange, the OSC’s decision does not affect the betting operations of NorthStar Bets, which continues to function normally. The company plans to file its audited financial statements and request the revocation of the cease trade order once the audit issues related to a vendor are resolved.

Upcoming Steps

NorthStar Gaming has not yet released a specific timeline for the completion of the missing filings. However, the firm stated it will provide market updates as more information becomes available. According to FFCTO regulations, if the necessary documents are filed within 90 days of the order, the submission will automatically act as an application to the OSC to lift the cease trade order.

Michael Goodman, who assumed the role of CEO in December following the exit of Michael Moskowitz, stated that the company is taking focused and disciplined actions to reach profitability. He pointed out that the expected annual savings in general and administrative costs are primarily the result of initiatives that have already been put in place.

Goodman added that the management team is continuing to roll out further operational leverage and efficiency measures across marketing, services, and cost of goods sold, which are intended to significantly enhance the company’s EBITDA results.