Shares in Rivalry Corporation slumped by more than 62 per cent in Toronto Friday after the company suspended deposits and wagering across its betting and gaming platform.
On Friday, Rivalry’s Board of Directors confirmed that the operator is implementing substantial cost reductions, including a significant workforce reduction and reduced operating expenditures.
The operator has paused player activity on its platform and told its players to withdraw all remaining account balances.
“The company is engaged in discussions with third parties regarding potential transactions,” said Rivalry. “However, in light of recent performance volatility, the Board has determined to materially reduce the scale of operations while assessing whether a strategic transaction or other alternative can be advanced.”
Rivalry said that it is assessing a range of potential alternatives, which may include asset-level transactions, corporate transactions, restructuring initiatives or other strategic outcomes.
“Given the company’s reduced operating scale and the ongoing evaluation process, there can be no assurance that any strategic alternative will be completed or that operations will continue in their current form,” added the operator.
In its most recent financial results, Rivalry posted a 60 per cent drop in net revenue to CA$4.9 million for 9M 2025, with a net loss of CA$7.1 million.
Shares in Rivalry Corp. (CVE:RVLY) closed 62.5 per cent lower at CA$0.015 per share in Toronto following the announcement Friday.