A.C.L. Construction Applies for MCTO to File Late Filings
News related to:A.C.L. Construction Ltd · 2 min read
A.C.L. Construction Ltd., a company listed on the Toronto Stock Exchange Venture (TSXV) under the symbol ACL, has announced its intention to apply for a temporary management cease trade order (MCTO) with the British Columbia Securities Commission. The application, which is expected to be under National Policy 12-203 Management Cease Trade Orders, aims to prohibit trading in the company’s securities by its chief executive officer (CEO) and chief financial officer (CFO) until the Required Filings and all continuous disclosure requirements have been filed by the Corporation, and the MCTO has been lifted.
The Required Filings, which include the annual audited financial statements for the year ended May 31, 2026, and the management’s discussion and analysis and related CEO and CFO certificates, are expected to be filed on or before November 27, 2026. The primary reason for the default in filing these Required Filings prior to the September 28, 2026 filing deadline is related to matters concerning revenue. Specifically, the Corporation has determined that the revenue recognition policy used in prior years cannot be continued into the current financial year. As of the date of this announcement, the Corporation has not determined whether a restatement will be required.
The application for the MCTO has been made, but there is no guarantee or assurance that the MCTO will be granted. A.C.L. Construction Ltd. anticipates that it will be in a position to remedy the default by filing the Required Filings on or before November 27, 2026. The MCTO will be in effect until the Required Filings are filed and the MCTO is revoked. The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as the Required Filings remain outstanding.
The Corporation, which is not subject to any insolvency proceeding as of the date of this announcement, has confirmed that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed. The application for the MCTO is a routine corporate news item and falls under the desk of the industry-realestate-construction category.
A.C.L. Construction Ltd. has confirmed that it will continue to update the market with bi-weekly default status reports until the Required Filings are filed and the MCTO is revoked. The company intends to address the potential trading restrictions by filing the Required Filings by the November 27, 2026 deadline.
The application for the MCTO is expected to be a significant development for A.C.L. Construction Ltd., as it could impact the trading of the company’s securities and potentially affect investor confidence. The company’s ability to file the Required Filings on time will be crucial in determining whether the MCTO will be granted and the potential duration of the trading restrictions.