OSC Halts NorthStar Gaming Shares Due to Missing 2025 Financial Submissions

(AsiaGameHub) –   NorthStar Gaming is currently facing two distinct situations. Its Ontario betting brand remains fully operational, while trading of the parent company’s securities has been halted across Canada.

Good to Know

• NorthStar Bets still accepts sports betting and online casino wagers in Ontario.
• The OSC order targets NorthStar Gaming securities, not the company’s betting platform.
• The filing delay comes from a dispute between the company and its auditor over vendor software controls.

The Ontario Securities Commission has issued a failure-to-file cease trade order against NorthStar Gaming Holdings Inc. after the company missed the deadline for its 2025 audited annual financial statements, MD&A, and executive certifications.

NorthStar securities can no longer be traded across any Canadian jurisdiction, including the TSX Venture Exchange where the company has been listed since 2023. Limited exceptions apply for certain non-insiders and non-control persons selling through regulated foreign markets.

Auditor Withdrawal Creates Filing Block

The trading halt was issued after NorthStar failed to resolve an audit issue tied to player account management software from a key vendor. On May 6, 2026, the independent auditor withdrew its May 14, 2025 report for the 2024 fiscal period, stating it could no longer rely on the related internal controls. This move also weakened confidence in the company’s 2025 financial figures.

NorthStar disagrees with the auditor’s position. The company says its earlier vendor systems report was reliable and proved proper controls for data integrity were in place. The auditor has requested a new systems report, and no allegation of improper conduct has been made.

Before the full trading freeze was implemented, NorthStar requested a management cease trade order, a narrower restriction that would only have limited trading by company executives. The OSC rejected the request because it was not convinced NorthStar could complete the required filings within two months.

The FFCTO will remain in effect until the missing filings are submitted and the OSC revokes the order. If NorthStar submits the filings within 90 days, those documents will count as an application to lift the order. The company has not announced a firm timeline for when filings will be completed.

NorthStar has also postponed its annual meeting, which was originally scheduled for May 25, 2026.

The filing issue comes as the company undergoes a leadership and strategic reset. Michael Moskowitz resigned as CEO in December after four years in the role, and Corey Goodman stepped in as Interim CEO. Barry Shafran, former chair of the audit committee, also resigned from his position.

In March, NorthStar outlined a new plan focused on disciplined execution, improved capital allocation, greater advertising efficiency, stronger customer retention, and better profitability.

Goodman said:

“We are focused on taking deliberate, measured steps to position the company for profitability. The expected annualized G&A savings reflect measures that have largely been implemented.

“Building on these cost reductions, management is actively rolling out additional efficiency and operating leverage initiatives across services, marketing spend, and cost of goods sold that are expected to materially strengthen the Company’s EBITDA profile.”

NorthStar Bets launched in May 2022, one month after the company received its Ontario iGaming license. For the time being, customers can still access the sportsbook and online casino, even as investors wait for the financial filings and a final decision from the OSC.

The filing delay has also brought earlier concerns around cash flow and liquidity back into focus, including questions over whether NorthStar has enough resources to cover its ongoing operating expenses.