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NorthStar Gaming now has two separate realities in play. Its Ontario betting brand remains open, while trading in the parent company securities has been stopped in Canada.
Good to Know
The Ontario Securities Commission has issued a failure to file cease trade order against NorthStar Gaming Holdings Inc. after the company missed its 2025 audited annual financial statements, MD&A, and executive certifications.
NorthStar securities can no longer trade across Canadian jurisdictions, including on 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 foreign regulated markets.
The halt came after NorthStar failed to clear 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 period, saying it could no longer rely on related controls. That also affected confidence in the 2025 numbers.
NorthStar disagrees. The company says the earlier vendor systems report was reliable and showed proper controls for data integrity. The auditor has asked for a new systems report. No allegation of impropriety has been made.
Before the full trading freeze, NorthStar asked for a management cease trade order. That narrower option would have restricted management trading only. The OSC rejected it because it was not convinced NorthStar could finish the filings within two months.
The FFCTO will stay in place until the missing filings arrive and the OSC revokes the order. If NorthStar files within 90 days, those documents will count as an application to lift the order. The company has not given a firm filing date.
NorthStar also postponed its annual meeting, which had been set for May 25, 2026.
The filing problem lands during a reset for the company. Michael Moskowitz resigned as CEO in December after four years in the role, and Corey Goodman became Interim CEO. Barry Shafran, former chair of the audit committee, also resigned.
In March, NorthStar laid out a plan focused on disciplined execution, better capital allocation, advertising efficiency, stronger retention, and improved 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 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.”
NorthStar Bets launched in May 2022, one month after the company received its Ontario iGaming license. For now, customers can still use the sportsbook and online casino, even as investors wait for the financial filings and a decision from the OSC.
The delay has also brought earlier cash flow and liquidity concerns back into view, including whether NorthStar had enough resources for operating expenses.