Sports betting and media company Rivalry Corp. has resumed trading. The revocation of a cease trade order imposed by the Ontario Securities Commission allows Rivalry’s management to trade securities again.
The company announced that the Ontario Securities Commission revoked the management cease trade order (MCTO) on July 17. The regulator had previously granted the order to Rivalry on May 2 this year due to a delay in filing essential financial documents.
The order was lifted after the company successfully completed the filing of its annual audited financial statements, management's discussion and analysis, and related certifications for the entire year of 2024. Rivalry also successfully filed similar statements for the first quarter of 2025 to regain compliance.
The revocation of the MCTO means members of management are no longer prevented from trading the company's securities. All of the Annual and Interim Filings are available under the company's profile on SEDAR+ at www.sedarplus.ca.
The iGaming and sportsbook operator reported earlier this month a narrower net loss and reduced operating expenses for fiscal year 2024, which management labeled as early progress from an ongoing strategic overhaul and operational reset.
The Toronto-based firm said net loss for the year ended Dec. 31 narrowed to CAD 22.4 million ($16.52 million), compared with CAD 23.8 million ($17.55 million) in 2023. Net revenue fell 16% to CAD 13.6 million, while operating expenses declined 17% to CAD 32.2 million ($23.74 million).
“We made hard decisions last year —rebuilding the product, cutting costs, and refining our approach to players— and those changes are beginning to show signs of positive impact,” said Steven Salz, Rivalry’s co-founder and CEO. “The latter half of 2024 set the stage, and we’re encouraged by the progress seen so far in 2025.”