Regulators have slapped the entire family of exchange-traded funds from Emerge Canada Inc. with a trading halt because the company has failed to find an auditor to review its financial statements.
Emerge said Monday once it finds a new auditor, it “will expeditiously work to complete and file the annual filings and seek to have the CTO [cease-trade order] lifted.” The company began to gain traction here in 2019 when it became the Canadian distributor for funds managed by ARK Investments, the U.S. company known for its charismatic CEO, Cathie Wood, and her frequent media appearances promoting Tesla Inc. and other high-growth stocks. In total, Emerge has six Emerge ARK funds, with ARK Investment Management LLC as a sub-adviser to each.
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