Payfare Announces Receipt of MCTO

Toronto, Ontario, April 3, 2024 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY, OTCQX: PYFRF) announces that further to its application to the Ontario Securities Commission (“OSC”) for a management cease trade order (“MCTO”) to be imposed in respect of its delay in filing its audited annual financial statements, management’s discussion and analysis, annual information form, and related certifications, all for the year ended December 31, 2023 (collectively, the “Annual Filings”), the OSC has today granted the MCTO. The MCTO prohibits the chief executive officer and the chief financial officer of the Company from trading in securities of the Company for so long as the Annual Filings are not filed, including the disposition or acquisition of securities of the Company under any automatic plan. During this period, the Company will cease any share buy-back activities under its normal course issuer bid, and has undertaken not to, directly or indirectly, issue or acquire securities from an insider or employee of the Company.  

The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities of the Company. 

The Company will issue a news release announcing completion of filing of the Annual Filings at such time as they are completed and filed. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults, including issuing bi-weekly default status reports by way of news releases, which will be filed on SEDAR+.

Payfare reaffirms its previously issued fourth quarter and full year 2023 guidance on its revenues and earnings. The delay in the Annual Filings is due solely to the delay in receiving the System and Organization Controls (“SOC 1”) auditor’s report from its material vendor and has no impact on the Company’s financial outlook. The Company remains in constant communications with its vendor as it relates to such vendor’s progress towards the completion of its SOC 1 audit. 

About Payfare

Payfare is a global financial technology company powering digital banking and instant payment solutions for today’s gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce.

For further information please visit www.payfare.com or contact:

Cihan Tuncay, Head of Investor Relations and Corporate Development
1 (888) 850-2713
[email protected]

Cautionary Statement Regarding Forward Looking Information 

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