Posted on: May 12, 2026, 07:56h.

Last updated on: May 12, 2026, 07:59h.

• Ontario Securities Commission issues order, halting trading due to auditor report delay
• Annual meeting of the company postponed
• NorthStar Bets operations remain unaffected despite trading pause

The Ontario Securities Commission has placed a failure-to-file cease trade order (FFCTO) on NorthStar Gaming Holdings Inc. following the company’s inability to submit audited financial statements for 2025, along with necessary discussions and executive certifications.

Trading Suspension

The regulatory action has suspended all trading of NorthStar’s securities in Canada. The firm announced that its independent auditor has decided to withdraw its audit report. Consequently, the annual meeting planned for May 25, 2026, has also been delayed.

The auditor stated it could not trust the controls surrounding a vital vendor’s player account management system, leading to the withdrawal. Although NorthStar disagrees, they are collaborating with the vendor to guarantee data integrity, while the OSC denied the company’s request for a less stringent management cease trade order, citing concerns about timely resolution.

Betting Platform Unaffected

NorthStar Gaming Holdings Inc. acquired its Ontario igaming license in April 2022, subsequently launching its online gaming and sports betting platform, NorthStar Bets, the following month.

Despite the stock being frozen on the TSX Venture Exchange, this OSC ruling does not hinder betting activities on NorthStar Bets. The primary betting platform remains fully operational. Once the vendor issues are addressed, the company can file its audited statements and seek to lift the OSC order.

In December, NorthStar announced significant changes in leadership – former CEO Michael Moskowitz departed, with Corey Goodman stepping in as Interim CEO.

Leadership Transition

This past March, the company provided a statement outlining its strategic objectives, emphasizing “disciplined execution, effective capital allocation, and enhancing profitability,” with a focus on improving advertising effectiveness through a more return-driven media strategy and enhancing the player experience to boost customer retention.

“Our focus is on taking strategic and measured steps to position the Company towards profitability,” stated Goodman. “The anticipated annualized G&A savings are reflective of measures that are already being implemented. Building on these reductions, management is actively pursuing additional efficiency and operational leverage initiatives across services, marketing expenditures, and cost of goods sold, which are expected to significantly enhance the Company’s EBITDA profile.

“Additionally, targeted investments are underway to improve product experience, which aims to enhance retention and stabilize revenue predictability over time.”