Sherritt Announces Failure-To-File Cease Trade Order
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) announces that its principal regulator, the Ontario Securities Commission, has issued a failure-to-file cease trade order (“FFCTO”) against the Corporation, effective May 21, 2026, as a result of the Corporation’s failure to file its first quarter 2026 interim financial statements, management’s discussion and analysis and related officer certifications by the filing deadline on May 15, 2026 (collectively, the “Q1 Filing”).
As previously announced, the Corporation was unable to complete its Q1 Filing as a result of operational and governance disruptions following the U.S. administration’s May 1, 2026 Executive Order expanding sanctions against Cuba (the “Executive Order”).
The FFCTO prohibits the trading by any person of any securities of the Corporation in each jurisdiction in Canada in which the Corporation is a reporting issuer, including trades in the Corporation’s securities made through the Toronto Stock Exchange, for as long as the FFCTO remains in effect. Despite the FFCTO, a beneficial security holder of the Corporation who is not, and was not at the date of the FFCTO, an insider or control person of the Corporation, may sell securities of the Corporation acquired before the date of the FFCTO if both of the following apply: (a) the sale is made through a “foreign organized regulated market”, as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. The Corporation expects that the FFCTO will remain in effect until the required filings are completed. In light of ongoing developments relating to the Executive Order, Sherritt is unable to ascertain at this time when it will be in a position to complete the Q1 Filing.
