Toronto, Ontario–(Newsfile Corp. – June 30, 2020) – DelphX Capital Markets Inc. (TSXV: DELX) (“DelphX” or the “Company“) announced today further to its news release dated June 17, 2020 with respect to the issuance by the Ontario Securities Commission of a Management Cease Trade Order (“MCTO“) ceasing trading in securities of the Company by the Chief Executive Officer and the Chief Financial Officer until filing of DelphX’s audited annual financial statements for the year ended December 31, 2019, its management’s discussion and analysis (“MD&A“), and certifications of the foregoing filings as required by National Instrument 52-109 (the “Annual Filings“), the Company is providing a bi-weekly status update on the delay in filing of its Annual Filings.
There has been no material change to the information contained in the default announcement of June 17, 2020 that has not been generally disclosed and there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in under National Policy 12-203 – Management Cease Trade Orders. The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines for so long as it is delayed in filing the Annual Filings.
The Company continues to work with its auditor to complete its audited annual financial statements and MD&A, and anticipates filing of same together with its unaudited interim financial statements for the three months ended March 31, 2020 and 2019 (“Q1/20 FS“), its management’s discussion and analysis related to the Q1/20 FS (together, the “Q1/20 Interim Filings“), and the certifications of the Q1/20 Interim Filings on or before July 14, 2020.
DelphX is a technology and financial services company focused on optimizing credit markets. Its Cloud-based technology, actuarial science and reinsurance protocols enable fixed income dealers to offer new Rule 144A securities that optimally transfer and diffuse credit risk. The new DelphX platform will be regulated by the SEC and enable dealers to competitively structure, sell and make markets in:
- Covered Put Options (CPOs) that provide secured default protection for underlying corporate, municipal and sovereign securities, with each CPO strike-price equaling the par value of its underlying security
- Covered Reference Notes (CRNs) that enable credit investors to take on the default exposure of a single underlying security or optionally participate in a pool of diversified risks that broadly diffuses the impact of credit events.
All CPOs and CRNs will be collateralized by investment grade assets held in custody by an independent custodian.
This news release contains certain “forward-looking statements”. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: the state of the capital markets, tax issues associated with doing business internationally, the ability of DelphX to successfully manage the risks inherent in pursuing business opportunities in the financial services industry, and the ability of DelphX to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business. Any forward-looking statement reflects information available to DelphX as of the date of this news release and, except as may be required by applicable securities laws, DelphX disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
For more information about DelphX, please visit www.delphx.com.
DelphX Capital Markets Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.