06:18 AM EDT, 04/04/2024 (MT Newswires) -- Fintech company Payfare Inc. ( PYFRF ) , which rose 3.4% yesterday, overnight Wednesday said the Ontario Securities Commission has granted Payfare's ( PYFRF ) request for a management cease trade order (MCTO) in respect of its delay in filing its audited annual financial statements, management's discussion and analysis, annual information form and related certifications for the year ended Dec. 31, 2023.

A statement noted the MCTO prohibits the company's CEO and CFO from trading in Payfare's ( PYFRF ) securities for so long as the annual filings are not filed. The company will also cease any share buyback activities under its normal course issuer bid and will not issue or acquire securities from an insider or employee.

Payfare ( PYFRF ) reaffirmed its fourth-quarter and full-year 2023 guidance on revenue and earnings. The company said the delay in the filings is due to delayed receipt of the System and Organization Controls auditor's report from its material vendor and has no impact on the company's financial outlook.

Payfare ( PYFRF ) will issue a news release when it has filed the annual filings.