Sherritt International Notes Resignation of External Auditor, CFO
Sherritt International (S.TO) disclosed that Deloitte has resigned as its external auditor, effective May 12, according to a late Wednesday news release.The resignation was not the result of any disagreement. Sherritt has commenced a request for proposal process for external audit services to identify a successor auditor.However, the U.S. administration's issuance of an executive order on May 1 expanding sanctions against Cuba may lengthen the time required to identify and appoint a successor auditor.Additionally, Yasmin Gabriel has resigned as chief financial officer, effective Wednesday.Sherritt also expects that it will be unable to file its first quarter 2026 financial statements, management discussion and analysis and related officer certifications on May 15 as a result of these resignations and the executive order.The Ontario Securities Commission is expected to issue a Failure to File Cease Trade Order that would prohibit trading in the company's securities in Canada. This would remain in effect until the required documents are filed.The company said it is seeking to mitigate these constraints and will provide information on material developments.