News Release

Vancouver – A B.C.-based public company that provides chargers for electric vehicles has paid the BC Securities Commission (BCSC) $35,000 for committing misconduct related to investor relations activities and violating continuous disclosure requirements.  

In 2023, Hypercharge Networks Corp. used Gold Standard Media LLC and several affiliated companies – known together as the GSM group – to conduct investor relations activities, which included preparing and sending 20 promotional email newsletters over a two-month period. Hypercharge had told the GSM Group to clearly and conspicuously state in the emails that they were sent on behalf of Hypercharge, as required by securities law.

While 19 of the emails included a disclaimer that the emails were by “paid advertisers” and that Hypercharge provided compensation, the disclaimers appeared either in the middle of a long block of text at the end of the email or were accessible only via a hyperlink. This failed to meet the requirements to be clear and conspicuous, which contravened B.C.’s Securities Act.

After being contacted by BCSC staff, Hypercharge asked the GSM Group to remove any offending published promotional materials.

Also in 2023, Hypercharge published an investor presentation on its website which projected 200 per cent growth in total charging ports sold and 300 per cent growth in total revenue for the year, but did not include any factors or assumptions for the projected growth. By doing so, Hypercharge disclosed material, forward-looking information but failed to state the material factors or assumptions used to develop that information, contrary to the national requirements for continuous disclosure by public companies. Three months later, Hypercharge issued a news release retracting the projected growth figures.

Hypercharge, including its CEO, CFO, and two of its independent directors fully cooperated with the BCSC’s investigation in accordance with the BCSC’s policy of considering such cooperation when negotiating settlements.

The BCSC would like to thank FINTRAC for its assistance with the case.

About the BC Securities Commission (bcsc.bc.ca)

The BC Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.’s investment market, we’re committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.  

Media Contact:
Elise Palmer
604-899-6830

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

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