NorthStar Gaming Announces Receipt of Management Cease Trade Order
NorthStar Gaming Holdings (TSXV: BET) (OTCQB: NSBBF) has received a management cease trade order (MCTO) from the Ontario Securities Commission on May 8, 2025. The MCTO was requested due to a delay in filing their annual financial statements for 2024, which were due on April 30, 2025.
The delay stems from the need to restate certain financial amounts from 2023, specifically related to payment service provider fees and player loyalty bonuses. The company discovered that its payment processor had deducted additional merchant fees from daily remittances that weren't properly accounted for, leading to understated service provider fees and overstated accounts receivable.
NorthStar expects to file the required documents by May 15, 2025. The MCTO restricts only the CEO and CFO from trading company securities, while other shareholders can continue trading normally.
NorthStar Gaming Holdings (TSXV: BET) (OTCQB: NSBBF) ha ricevuto un ordine di sospensione delle negoziazioni da parte della direzione (MCTO) dalla Ontario Securities Commission l'8 maggio 2025. L'MCTO è stato richiesto a causa di un ritardo nella presentazione del bilancio annuale 2024, la cui scadenza era il 30 aprile 2025.
Il ritardo deriva dalla necessità di rettificare alcune voci finanziarie del 2023, in particolare relative a commissioni per fornitori di servizi di pagamento e bonus fedeltà per i giocatori. L'azienda ha scoperto che il suo processore di pagamenti aveva detratto commissioni aggiuntive dai versamenti giornalieri, non correttamente contabilizzate, causando una sottostima delle commissioni e una sovrastima dei crediti verso clienti.
NorthStar prevede di presentare i documenti richiesti entro il 15 maggio 2025. L'MCTO limita la negoziazione dei titoli solo per il CEO e il CFO, mentre gli altri azionisti possono continuare a negoziare normalmente.
NorthStar Gaming Holdings (TSXV: BET) (OTCQB: NSBBF) ha recibido una orden de suspensión de negociación por parte de la dirección (MCTO) de la Comisión de Valores de Ontario el 8 de mayo de 2025. La MCTO se solicitó debido a un retraso en la presentación de los estados financieros anuales de 2024, cuyo plazo vencía el 30 de abril de 2025.
El retraso se debe a la necesidad de corregir ciertos montos financieros de 2023, específicamente relacionados con tarifas de proveedores de servicios de pago y bonificaciones de lealtad para jugadores. La empresa descubrió que su procesador de pagos había deducido tarifas comerciales adicionales de los pagos diarios, que no se contabilizaron correctamente, lo que llevó a una subestimación de las tarifas y una sobreestimación de las cuentas por cobrar.
NorthStar espera presentar los documentos requeridos antes del 15 de mayo de 2025. La MCTO restringe la negociación solo para el CEO y el CFO, mientras que otros accionistas pueden continuar negociando normalmente.
NorthStar Gaming Holdings (TSXV: BET) (OTCQB: NSBBF)는 2025년 5월 8일 온타리오 증권위원회로부터 경영진 거래정지명령(MCTO)을 받았습니다. 이 명령은 2024년 연간 재무제표 제출 지연으로 인해 요청되었습니다. 제출 마감일은 2025년 4월 30일이었습니다.
지연 사유는 2023년 일부 재무 항목을 재작성해야 했기 때문이며, 특히 결제 서비스 제공업체 수수료 및 플레이어 충성도 보너스와 관련되어 있습니다. 회사는 결제 처리업체가 일일 송금액에서 추가 가맹점 수수료를 공제했으나 이를 제대로 반영하지 않아 서비스 제공업체 수수료가 과소계상되고 매출채권이 과대계상된 사실을 발견했습니다.
NorthStar는 2025년 5월 15일까지 필요한 서류를 제출할 예정입니다. MCTO는 CEO와 CFO만 회사 증권 거래를 제한하며, 다른 주주들은 정상적으로 거래를 계속할 수 있습니다.
NorthStar Gaming Holdings (TSXV : BET) (OTCQB : NSBBF) a reçu un ordre de suspension de négociation de la direction (MCTO) de la Commission des valeurs mobilières de l'Ontario le 8 mai 2025. Cet ordre a été demandé en raison d'un retard dans le dépôt des états financiers annuels 2024, dont la date limite était le 30 avril 2025.
Le retard provient de la nécessité de retraiter certains montants financiers de 2023, notamment en ce qui concerne les frais de prestataires de services de paiement et les bonus de fidélité des joueurs. La société a découvert que son processeur de paiements avait déduit des frais marchands supplémentaires des remises quotidiennes, qui n'avaient pas été correctement comptabilisés, entraînant une sous-estimation des frais de prestataires et une surestimation des comptes clients.
NorthStar prévoit de déposer les documents requis d'ici le 15 mai 2025. Le MCTO restreint la négociation des titres uniquement pour le PDG et le directeur financier, tandis que les autres actionnaires peuvent continuer à négocier normalement.
NorthStar Gaming Holdings (TSXV: BET) (OTCQB: NSBBF) hat am 8. Mai 2025 von der Ontario Securities Commission eine Management-Handelsaussetzung (MCTO) erhalten. Die MCTO wurde aufgrund einer Verzögerung bei der Einreichung der Jahresfinanzberichte 2024 beantragt, die bis zum 30. April 2025 fällig waren.
Die Verzögerung resultiert aus der Notwendigkeit, bestimmte Finanzbeträge aus 2023 neu zu bilanzieren, insbesondere im Zusammenhang mit Zahlungsdienstleistergebühren und Spieler-Treueboni. Das Unternehmen stellte fest, dass sein Zahlungsabwickler zusätzliche Händlergebühren von den täglichen Überweisungen abgezogen hatte, die nicht korrekt verbucht wurden, was zu einer Unterbewertung der Dienstleistergebühren und einer Überbewertung der Forderungen führte.
NorthStar erwartet, die erforderlichen Dokumente bis zum 15. Mai 2025 einzureichen. Die MCTO beschränkt den Handel mit Unternehmenswertpapieren nur für den CEO und CFO, während andere Aktionäre weiterhin normal handeln können.
- None.
- Delay in filing annual financial statements and related documents past the deadline
- Need to restate 2023 financial statements due to accounting errors
- Understated costs and overstated receivables in previous financial statements
- CEO and CFO restricted from trading company securities
Toronto, Ontario--(Newsfile Corp. - May 8, 2025) - NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announces that its principal regulator, the Ontario Securities Commission, has granted its request for a management cease trade order ("MCTO") effective May 8, 2025.
As previously announced on April 29, 2025, the Company applied for the MCTO due to a delay in filing its annual audited financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2024 (the "Annual Filings") which were required to be filed by April 30, 2025.
The delay is primarily due to a restatement of certain amounts owed by the Company's payment service providers as well as player loyalty bonuses for the prior fiscal years. During the year-end reconciliation process, the Company identified that its payment processor had deducted additional merchant fees from daily remittances, which had not been properly accounted for. Specifically, service provider fees (cost of revenue) were previously understated, while the amounts due from the payment processor and accounts receivable were overstated in the financial statements for the year ended December 31, 2023.
The Company is working diligently and expeditiously to complete the Annual Filings as soon as practicable, and currently anticipates it will be in a position to file the Annual Filings on or before May 15, 2025.
The MCTO restricts the Company's Chief Executive Officer and the Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
About NorthStar
NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.
As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.
NorthStar is listed in Canada on the TSX Venture Exchange ("TSXV") under the symbol "BET" and in the United States on the OTCQB under the symbol "NSBBF". For more information on the company, please visit: www.northstargaming.ca.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Information and Statements
This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, and the timing of the release of the Company's financial results. The foregoing is provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
For further information:
Company Contact:
Corey Goodman
Chief Development Officer 647-530-2387
investorrelations@northstargaming.ca
Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251431
FAQ
Why did NorthStar Gaming (NSBBF) receive a management cease trade order in May 2025?
What accounting errors did NorthStar Gaming discover in their 2023 financial statements?
When will NorthStar Gaming (NSBBF) file their delayed 2024 annual financial statements?
Who is affected by NorthStar Gaming's management cease trade order?
