Magnetic North Hit by Cease Trade Order

Magnetic North Acquisition (TSE:MNC) has released an update.

Magnetic North Acquisition Corp. is facing a cease trade order by the Alberta Securities Commission due to its failure to file required financial documents for the fiscal year ended December 31, 2023, and the first quarter of 2024. This order halts all trading of Magnetic North securities in Canada but allows certain existing non-insider shareholders to sell through foreign markets under specific conditions. The company must make the necessary filings for the order to be revoked, and asserts there is no undisclosed material information affecting its affairs.

For further insights into TSE:MNC stock, check out TipRanks’ Stock Analysis page.