TORONTO — In the latest bad news for TV and film production company Kew Media Group, the company announced Monday it has been notified by the Toronto Stock Exchange (TSX) that it is reviewing the eligibility for continued listing of the company’s securities on the TSX, pursuant to Part VII of the TSX Company Manual.
The TSX advised it will be reviewing Kew Media with respect to continued listing criteria regarding disclosure issues, related to the withdrawal by the company’s auditor of several of its audit reports for recent years, which Kew Media announced January 15. Kew Media’s auditor, Grant Thornton, has withdrawn its audit reports for the years ended December 31, 2017 and 2018 and its interim review reports to the audit committee of the company for each interim period within the 2017, 2018 and 2019 fiscal years. This was a result of the alleged actions of Kew Media’s former chief financial officer, Kew Media said last week.
In a news release Monday, Kew Media said it has been granted 120 days to comply with all requirements for continued listing of its securities on the TSX. If the company cannot demonstrate it meets all TSX requirements set out in Part VII of the TSX Company Manual on or before May 19, 2020, the company’s securities will be delisted from the TSX 30 days from such date. There is no assurance Kew Media will successfully regain compliance within this time period.
Should the TSX decide to delist Kew Media’s securities, the company will have the option to apply for listing on the TSX Venture Exchange or NEX. The TSX notification and review does not affect the company’s business operations or applicable Canadian reporting requirements, Kew Media said in the release.
