The British Columbia Securities Commission has settled with Hypercharge Networks Corp., a B.C.-based public company that provides electric vehicle charging equipment, which paid CAD 35,000 for misconduct in investor relations activities and violations of continuous disclosure requirements. In 2023, Hypercharge retained Gold Standard Media LLC and affiliated entities (the GSM group) to distribute 20 promotional email newsletters over two months, but the required disclosure that the emails were sent on behalf of Hypercharge was not presented clearly and conspicuously, contrary to British Columbia’s Securities Act. Nineteen emails included disclaimers, but these were buried in a long block of text at the end of the email or available only via hyperlink. Separately, Hypercharge posted an investor presentation projecting 200 per cent growth in total charging ports sold and 300 per cent growth in total revenue for the year without stating the material factors or assumptions underlying those projections, contrary to national continuous disclosure requirements for public companies, and later issued a news release retracting the projected growth figures. The company, including its CEO, CFO, and two independent directors, fully cooperated with the investigation, and FINTRAC assisted with the case.
British Columbia Securities Commission 2025-12-16
British Columbia Securities Commission settles with Hypercharge Networks for CAD 35,000 over promotional disclosure and forward-looking information breaches
The British Columbia Securities Commission settled with Hypercharge Networks Corp. for CAD 35,000 over misconduct in investor relations and continuous disclosure violations. Hypercharge failed to clearly disclose promotional emails sent by Gold Standard Media LLC and issued unsupported growth projections in an investor presentation. The company, along with its executives, cooperated with the investigation, with assistance from FINTRAC.