Management
Odd Burger Announces Anticipated Delay in Filing Annual Filings and Application for Management Cease Trade Order
ODD · Price
Executive Summary
- Odd Burger Corp. expects to miss the Jan 28, 2026 deadline for filing its audited FY‑2025 financial statements, MD&A, and CEO/CFO certifications.
- The delay stems from a third‑party counterparty default that halted audit work due to unpaid audit fees; the auditor (MNP) plans to resume and complete the audit around May 29, 2026.
- The company has applied to the Ontario Securities Commission for a Management Cease Trade Order (MCTO) to restrict trading by its CEO and CFO until the filings are completed.
Key Details
- Filing Deadline Missed: Anticipated inability to file FY‑2025 audited financial statements, MD&A, and certifications by Jan 28, 2026.
- Cause of Delay: Default by a third‑party counterparty under a September 2025 financing arrangement resulted in loss of anticipated liquidity and unpaid audit fees.
- Audit Status: Auditor MNPLLP (“MNP”) temporarily suspended work; expects to complete the audit on or about May 29, 2026, with filings to follow “as soon as practicable.”
- Liquidity Measures: Implemented cost‑reduction initiatives and is pursuing asset dispositions to restore liquidity.
- Regulatory Action: Applied for a Management Cease Trade Order (MCTO) under NI 12‑203; if granted, CEO and CFO would be prohibited from trading the company’s securities until filings are made. No decision yet from OSC.
- Interim Reporting Commitment: Will issue bi‑weekly default status press releases per NP 12‑203 guidelines while the filing delay persists.
- Insolvency Status: Company confirms it is not subject to any insolvency proceedings and that, aside from this disclosure, there have been no material changes in its business or affairs.
Notable Quotes
(No direct quotes were provided in the release.)