06:57 AM EDT, 06/19/2024 (MT Newswires) -- Payfare ( PYFRF ) late Tuesday said trading in its common shares will be halted due to an issuance by the Ontario Securities Commission of a cease trade order.

Payfare ( PYFRF ) said the filing of its annual financial statements, management's discussion and analysis, annual information form and related certifications for the year ended Dec. 31, 2023, are late because of a delay in receiving the system and organization controls auditor's report from its material vendor.

Receipt of the report is expected in the coming days. As a result, Payfare ( PYFRF ) now expects that it will complete its annual filings by June 28. The Ontario Securities Commission is expected to revoke the cease trade order after reviewing the filings.

The company reaffirmed its fourth-quarter and year-end 2023 financial results released April 25, as well as the strategic objectives and guidance provided for 2024.

Payfare ( PYFRF ) said it will continue to comply with all other continuous disclosure obligations under applicable securities laws and stock exchange rules.

The company expects to announce and file its second-quarter financial results in early August.