Accord: Accord Announces Delay in Filing Annual Financial Statements and Voluntary Application for a Management Cease Trade Order

In This Article: TORONTO, March 31, 2025 --( BUSINESS WIRE )--Accord Financial Corp. (" Accord " or the " Company ") (TSX: ACD) announced today that it has made a voluntary application to the applicable Canadian securities regulatory authorities for a temporary management cease trade order (" MCTO ") under National Policy 12-203 - Management Cease Trade Orders (" NP 12-203 "), which, if granted, will prohibit trading in securities of the Company by directors and officers of the Company until such time as the Required Filings (as defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Company, would continue to be able to trade in the Company's listed securities. The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted. The Company will be unable to file its audited annual consolidated financial statements for the year ended December 31, 2024, and the related management's discussion and analysis, annual information form for the year ended December 31, 2024 and chief executive officer and chief financial officer certificates for this period (collectively, the " Required Filings ") before the March 31, 2025 filing deadline (the " Filing Deadline "). The Company's inability to make the Required Filings by the Filing Deadline is due to the Company's auditor not being able to complete its audit procedures in advance of the Filing Deadline. The Company continues to work closely with its auditor and currently expects that it will be in a position to file the Required Filings on or before April 11, 2025. The MCTO would remain in effect until the Required Filings are filed by the Company. The Company intends to provide information in accordance with NP 12-203 with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports until the Required Filings have been filed and the MCTO has been lifted. The Company has no material information to disclose concerning the affairs of the Company that has not been generally disclosed to the public, and, other than as disclosed herein, is up to date in its filing obligations. The Company has made the foregoing representations in accordance with the requirements of applicable securities laws. About Accord Accord Financial is North America's most dynamic commercial finance company providing fast, versatile financing solutions including asset-based lending, factoring, inventory finance, equipment finance (in Canada), trade finance and film/media finance. By leveraging our unique combination of financial strength, deep experience and independent thinking, we craft winning financial solutions for small and medium-sized businesses, simply delivered, so our clients can thrive. Cautionary Note Regarding Forward-Looking Statements This news release contains certain information which constitutes 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to: forward-looking information relating to the timing and completion of the filing of the Required Filings and the approval of the MCTO by the Canadian securities regulatory authorities. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the Company's control. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements. The forward-looking statements contained herein are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20250331605130/en/ Contacts Irene Eddy Senior Vice President, Chief Financial Officer Accord Financial Corp. 40 Eglinton Avenue East, Suite 602 Toronto, ON M4P 3A2 (416) 961-0304 ieddy@accordfinancial.com