B2B Payments

Mint Corp Shares Cease Trading After Late Filings

Human resources and payroll solutions provider The Mint Corporation issued a press release on Tuesday (May 7), notifying investors that the trading of its shares on Toronto's TSX Venture Exchange has been halted.

Mint pointed to the Ontario Securities Commission's complaint issued against the company for failing to file its annual financial statements on time for the year that ended on Dec. 31, 2018. The regulator issued a cease trade order against the company's shares.

However, the company said trading of shares is expected to continue in "a couple of days," with Mint planning to file its financial statements related management discussion and analysis (MD&A) and officer certifications on Tuesday.

Mint first revealed late last month that it would be late in filing its statements. The deadline to do so was April 30, 2019, but the company pointed to ongoing auditing of its financial results within its United Arab Emirates (UAE) subsidiaries. At the time, Mint had expected to file on May 3.

The company also revealed then that directors Ashish Kapoor and Julie McClure had resigned.

"We would like to thank Ashish and Julie for the contribution they have made to Mint's board of directors," said Mint CEO Vishy Karamadam.

Last year, the Mint Gateway for Electronic Payment Services unit announced it would expand its operations in Africa. The company entered into an agreement with Mastercard to process payroll cards on the continent, and enable government employee wage disbursements, a deal that would initially see 300,000 payroll cards issued.

The company's main operations are in the UAE. However, last July, Mint noted that Africa represented the majority of its growth in payroll cards the company processes.

"This is an important evolution for Mint, and showcases our global platform capabilities, and the multiple revenue engines residing within Mint's platform," Karamadam said at the time.



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