OSC Suspends Trading of NorthStar Gaming Shares Following Auditor Report Withdrawal
Ontario Securities Commission Halts NorthStar Gaming Trading
The Ontario Securities Commission (OSC) has issued a cease trade order against NorthStar Gaming Holdings Inc. due to the company’s failure to submit its audited financial statements for the year 2025. This action restricts NorthStar Gaming, operator of NorthStar Bets, from trading on the TSX Venture Exchange, where it has been publicly listed since 2023.
Withdrawal of Auditor’s Report Causes Concern
NorthStar Gaming announced that its independent auditor has withdrawn the audit report it originally provided for the financial year 2024. This withdrawal, effective as of May 6, 2026, casts doubt on the accuracy and reliability of the company’s past financial disclosures and raises questions about its 2025 financial figures.
In light of these developments, the company has postponed its annual shareholders’ meeting initially set for May 25, 2026. Without the auditor’s endorsement, NorthStar Gaming cannot fulfill its regulatory reporting requirements.
Regulatory Response and Trading Suspension
NorthStar Gaming sought a Management Cease Trade Order (MCTO) to allow time for completing its filings, but the OSC declined this request, citing concerns that the company would not meet the two-month deadline. Consequently, trading of NorthStar Gaming shares on the TSX Venture Exchange has been suspended.
Despite the trading halt, NorthStar Bets continues its wagering operations without interruption. The company aims to resolve the audit issues promptly, file the necessary audited financial statements, and then petition the OSC to lift the cease trade order.
Outlook and Next Steps
The company has yet to outline a specific schedule for completing the outstanding reports but has pledged to provide updates when new information is available. Under the terms of the cease trade order, submitting the required filings within 90 days will automatically prompt the OSC to consider lifting the trading suspension.
Michael Goodman, who took over as CEO in December following the departure of former CEO Michael Moskowitz, emphasized that the company is concentrating on strategic and cautious measures to achieve profitability. He highlighted that savings in administrative expenses largely reflect changes already made.
Furthermore, Goodman mentioned that management continues to implement efficiency improvements and cost controls across various areas including services, marketing, and cost of goods sold, all aimed at enhancing the company’s EBITDA performance significantly.
