Tenet Announces Corrective Continuous Disclosure Filings Following OSC Review
Toronto, Ontario--(Newsfile Corp. - June 24, 2026) - Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) ("Tenet" or the "Company"), an innovative analytics service provider, owner and operator of the Cubeler Business Development Platform, announced that following a review of the Company's continuous disclosure filings (the "CD Filings"), conducted by the Ontario Securities Commission (the "OSC") and during which deficiencies related to the CD Filings were identified, the Company has made corrective disclosure adjustments to its financial statements and MD&As for the periods ended December 31, 2024, March 31, 2025, June 30, 2025 and September 30, 2025. The financial statements for the period ended December 31, 2024 (the "2024 Annual Financial Statements") have been restated as comparatives in the Company's financial statements for the period ended December 31, 2025 (the "2025 Annual Financial Statements"). The financial statements for the periods ended March 31, 2025, June 30, 2025 and September 30, 2025 were restated to address the identified deficiencies (the "Restated Interim Financial Statements"). The MD&As related to the 2024 Annual Financial Statements and the Restated Interim Financial Statements (the "Refiled MD&As") were also refiled to address the deficiencies and bring the Company's CD Filings in compliance with National Instrument 51-102 - Continuous DisclosureObligations; and based on additional guidelines provided in OSC Staff Notice 51-720 - Issuer Guide for Companies Operating in Emerging Markets ("OSC Staff Notice 51-720").
The corrective disclosure adjustments resulting in the Refiled MD&As came at the request of OSC staff in connection with the Company's application for a full revocation of a failure to file cease trade order dated October 6, 2025 (the "FFCTO") issued on the Company's securities by the OSC on May 7, 2025.
Among the important deficiencies identified in the CD Filings and corrected in the Refiled MD&As are:
Lack of details and clarity on how the Company recognizes revenue and the impairment of assets
No disclosure or inadequate disclose of certain related party transactions
No explanation on how the Company's board is informed of, and is able to affect, decisions impacting the Company's operations in China in accordance with the guidelines outlined in OSC Staff Notice 51-720.
Lack of details on the Company's exposure to credit risk and inadequate explanation of the Company's expected credit loss (ECL) model
No disclosure on the reasonable basis on which some forward-looking information was formulated
The presence of forward-looking information related to product offerings still at the development stage
Lack of details on discussion and analysis for significant decline in the specific segmented revenue
Inadequate description of the business, legal, political and cultural environment affecting the Company's operations in China in accordance with the guidelines outlined in OSC Staff Notice 51-720.
No disclosure on risks related to reliance on a small number of large clients and suppliers in China in accordance with the guidelines outlined in OSC Staff Notice 51-720.
Inadequate disclosure on the processes and risks associated with the transfer of funds between the Company and its Chinese subsidiaries in accordance with the guidelines outlined in OSC Staff Notice 51-720.
Inadequate description and no explanation of the need for the Company's complex corporate ownership structure in China in accordance with the guidelines outlined in OSC Staff Notice 51-720.
Lack of details on collateral and guarantors used to secure loans made to business clients in China
No detailed explanation of the Company's related party transaction policy
Lack of details on explanations of period over period variances in revenue and expected credit loss
Not enough details on the risks related to the Company's new data focused business model in China
Not enough clarity on the Company's different revenue generating operational segments
Lack of details on the method used for estimating the fair value of financial assets and instruments
Misclassification of certain financial instruments
Omission of identifying individuals deemed to be insiders of the Company as a result of these individuals' roles with a subsidiary of the Company
Lack of clarity on the nominee shareholder structure through which the Company controls its Asia Synergy Financial Capital subsidiary
Lack of information on the risks associated with the nominee shareholder structure through which the Company controls its Asia Synergy Financial Capital subsidiary
Enhanced disclosure on the safeguard of the Company's Chinese subsidiaries' chops
The 2025 Annual Financial Statements, Restated Interim Financial Statements and Refiled MD&As are now available under the Company's profile at www.sedarplus.com. As a result of having made the continuous disclosure corrections and refiled the MD&As, the Company will be placed on the OSC's Refilings and Errors List (the "List") in accordance with OSC Staff Notice 51- 711 (Revised) Refilings and Corrections of Errors for a period of three years from the date of refiling. The List is available at: https://www.osc.ca/en/industry/refilingsand-errors-list.
The Company is thankful for the review process and believes its improved CD Filings will be of great benefit to the Company's existing and future shareholders.
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions either through or leveraging data gathered by the Cubeler Business Development Platform, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: https://www.tenetfintech.com/.
Follow Tenet Fintech Group Inc. on social media:
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Forward-looking information
Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of Tenet to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, statements relating to: (i) the potential refiling and/or restatement of certain financial statements and related management's discussion and analysis (MD&A) as a result of potential material misstatements; (ii) the granting of a partial revocation order by the OSC; (iii) the granting of a full revocation order by the OSC; (iv) the completion of the previously announced private placement; and (v) the timing and outcome of the OSC's review of the Company's disclosure record, and general economic and business conditions. Reference should also be made to Management's Discussion and Analysis (MD&A) in Tenet's annual and interim reports, filed with Canadian securities regulators and available via the System for Electronic Document Analysis and Retrieval (SEDAR+) under Tenet's profile at www.sedarplus.ca, for a description of major risk factors relating to Tenet. Although Tenet has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302785
Source: Tenet Fintech Group Inc.
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