NorthStar Gaming Stock Frozen After Cease Trade Order Issued
Posted on: May 12, 2026, 07:56h.
Last updated on: May 12, 2026, 07:59h.
- Ontario Securities Commission announces order, trading halted over delay in auditor’s report
- Company’s annual general meeting also postponed
- Operations on NorthStar Bets not impacted by halt in securities trading
The Ontario Securities Commission has issued a failure-to-file cease trade order (FFCTO) against NorthStar Gaming Holdings Inc. due to the company’s failure to file audited 2025 annual financial statements, the related discussion and analysis, and the required executive certifications.
Trading Suspended
The regulatory hammer halts all trading of NorthStar’s securities in Canada. The company announced that its independent auditor informed the company that it was withdrawing its audit report. The company’s annual meeting, that was scheduled for May 25, 2026, also has been postponed.
The auditor withdrew its report on the previous year’s numbers, saying it couldn’t rely on controls around a key vendor’s player account management software. The company disagreed and is working with the vendor to ensure data integrity, but the OSC rejected NorthStar’s request for a softer management cease trade order, not convinced that everything would get fixed fast enough.
Platform Still Accepting Bets
NorthStar Gaming Holdings Inc. secured its Ontario igaming license in April 2022, launching its online casino and sports betting site, NorthStar Bets, the following month.
While the stock is now frozen on the TSX Venture Exchange, the OSC decision doesn’t impact betting on NorthStar Bets. The core betting platform continues to operate normally. Once the vendor audit issue gets sorted out, the company can get the audited statements filed then apply to have the OSC order lifted.
Last December, the company announced leadership changes – Michael Moskowitz, who had been Chief Executive Officer when the company got its license, left the company, replaced by Corey Goodman as Interim CEO.
Management Changes
This past March, the company issued a statement detailing its strategic priorities, which it detailed as “disciplined execution, effective capital allocation, and improving the company’s profitability profile”, focusing on areas like improved advertising productivity through more return-driven media deployment and enhancing the player experience to prioritize customer retention.
We are focused on taking deliberate, measured steps to position the Company for profitability,” said Goodman. “The expected annualized G&A savings reflect measures that have largely been implemented. Building on these reductions, management is actively deploying additional efficiency and operating leverage initiatives across services, marketing spend, and cost of goods sold that are expected to materially enhance the Company’s EBITDA profile.
“In parallel, targeted investments in the product experience are being made to improve retention and increase the stability and predictability of revenue over time.”
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