Braxia Scientific Announces Cease Trade Order
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) announced that the Ontario Securities Commission issued a failure-to-file cease trade order (FFCTO) on August 2, 2024. This order is due to the company's failure to file its audited annual financial statements, management discussion and analysis, and CEO/CFO certificates for the year ended March 31, 2024. The FFCTO prohibits trading of Braxia's securities in Canada, including through the CSE, with exceptions for certain beneficial securityholders. The company is not currently subject to insolvency proceedings and attributes the delay to additional complexities in the audit process. Braxia intends to file the required documents as soon as possible and will provide updates as more information becomes available.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) ha annunciato che la Commissione per i Titoli dell'Ontario ha emesso un'ordinanza di cessazione del commercio per inadempienza nella presentazione dei documenti (FFCTO) il 2 agosto 2024. Questa ordinanza è dovuta al fatto che la società non ha presentato i suoi bilanci annuali verificati, la discussione e l'analisi della direzione e i certificati del CEO e del CFO per l'anno conclusosi il 31 marzo 2024. L'FFCTO proibisce il commercio dei titoli di Braxia in Canada, compreso tramite la CSE, con eccezioni per alcuni beneficiari dei titoli. Attualmente, la società non è soggetta a procedure di insolvenza e attribuisce il ritardo a ulteriori complessità nel processo di revisione. Braxia intende presentare i documenti richiesti il prima possibile e fornirà aggiornamenti man mano che ulteriori informazioni saranno disponibili.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) anunció que la Comisión de Valores de Ontario emitió una orden de cese de comercio por incumplimiento de presentación de documentos (FFCTO) el 2 de agosto de 2024. Esta orden se debe a que la empresa no presentó sus . El FFCTO prohíbe el comercio de valores de Braxia en Canadá, incluyendo a través de la CSE, con excepciones para ciertos tenedores de valores beneficiarios. La empresa no está actualmente sujeta a procedimientos de insolvencia y atribuye el retraso a complejidades adicionales en el proceso de auditoría. Braxia tiene la intención de presentar los documentos requeridos tan pronto como sea posible y proporcionará actualizaciones a medida que se disponga de más información.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF)는 2024년 8월 2일 온타리오 증권위원회가 제출 실패로 인한 거래 중지 명령(FFCTO)을 발표했다고 발표했습니다. 이 명령은 회사가 2024년 3월 31일 종료 연도에 대한 감사된 연간 재무제표, 경영 논의 및 분석, CEO/CFO 인증서를 제출하지 않았기 때문입니다. FFCTO는 캐나다 내에서 Braxia의 증권 거래를 금지하며, CSE를 통한 거래도 포함되며 특정 유익한 증권 소유자에게는 예외를 두고 있습니다. 현재 회사는 지급불능 절차에 처해 있지 않습니다고 하며, 지연의 원인은 감사 과정에서의 복잡한 문제가 있음을 언급하고 있습니다. Braxia는 필요한 문서를 가능한 한 빨리 제출할 계획이며, 추가 정보가 제공되는 대로 업데이트를 제공할 것입니다.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) a annoncé que la Commission des valeurs mobilières de l'Ontario a émis une ordonnance de cessation de négociation pour défaut de dépôt (FFCTO) le 2 août 2024. Cette ordonnance est due au fait que la société n'a pas déposé ses états financiers annuels vérifiés, la discussion et l'analyse de la direction, ainsi que les certificats du PDG et du directeur financier pour l'année se terminant le 31 mars 2024. Le FFCTO interdit la négociation des titres de Braxia au Canada, y compris par le biais de la CSE, avec des exceptions pour certains détenteurs de titres bénéficiaires. La société n'est pas actuellement soumise à des procédures d'insolvabilité et attribue le retard à des complexités supplémentaires dans le processus d'audit. Braxia prévoit de déposer les documents requis dès que possible et fournira des mises à jour au fur et à mesure que de nouvelles informations seront disponibles.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) gab bekannt, dass die Ontario Securities Commission am 2. August 2024 eine Verfügung zur Handelsaussetzung bei Nichterfüllung der Einreichung (FFCTO) erlassen hat. Diese Verfügung ist darauf zurückzuführen, dass das Unternehmen seine prüfbaren Jahresabschlüsse, die Geschäftsführung und Analyse sowie die Zertifikate des CEO und CFO für das zum 31. März 2024 abgegangene Jahr nicht eingereicht hat. Der FFCTO verbietet den Handel mit Braxia-Wertpapieren in Kanada, einschließlich über die CSE, mit Ausnahmen für bestimmte begünstigte Wertpapierinhaber. Das Unternehmen unterliegt derzeit keinen Insolvenzverfahren und führt die Verzögerung auf zusätzliche Komplexitäten im Prüfungsprozess zurück. Braxia beabsichtigt, die erforderlichen Dokumente so schnell wie möglich einzureichen und wird Updates bereitstellen, wenn weitere Informationen verfügbar werden.
- Company is not subject to insolvency proceedings
- Intent to file required documents as soon as possible
- Failure-to-file cease trade order issued by Ontario Securities Commission
- Prohibition of trading Braxia's securities in Canada
- Delay in filing audited annual financial statements and related documents
- Potential impact on investor confidence and stock liquidity
Toronto, Ontario--(Newsfile Corp. - August 5, 2024) - Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) (FWB: 4960), ("Braxia Scientific", or the "Company"), today announced that the Ontario Securities Commission (the "OSC") issued a failure-to-file cease trade order (the "FFCTO") to the Company on August 2, 2024.
The FFCTO is a result of the Company's failure to file its audited annual financial statements (the "Annual Financial Statements"), management discussion and analysis ("MD&A") and certificates of the Chief Executive Officer and Chief Financial Officer (collectively, the "Annual Documents") for the year ended March 31, 2024. See press release issued July 25, 2024.
The FFCTO prohibits the trading by any person of any securities of the Company in each jurisdiction in Canada in which the Company is a reporting issuer, including trades in the Company's securities made through the Canadian Securities Exchange (CSE), for as long as the FFCTO remains in effect. The FFCTO provides an exception for beneficial securityholders of the Company who are not currently (and who were not as of August 2, 2024) insiders or control persons of the Company and who sell securities of the Company acquired before August 2, 2024 if both of the following criteria are met: (i) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.
The Company is not currently subject to any insolvency proceedings.
Additional time is needed to complete the audit due to the additional complexities associated with filing the Annual Documents this year. See the Company's news release dated July 25, 2024. The Company intends to file the Annual Documents as soon as possible and will provide updates as further information becomes available.
About Braxia Scientific Corp.
Braxia Scientific is a medical research and telemedicine company with clinics that provide innovative ketamine treatments for persons with depression and related disorders. Through its medical solutions, Braxia aims to reduce the illness burden of brain-based disorders, such as major depressive disorder among others. Braxia is primarily focused on (i) owning and operating multidisciplinary clinics, providing treatments in-person and virtually for mental health disorders, and (ii) research activities related to discovering and commercializing novel drugs and delivery methods. Braxia seeks to develop ketamine and derivatives and other psychedelic products from its IP development platform. Through its wholly owned subsidiary, Braxia Health (formerly the Canadian Rapid Treatment Center of Excellence Inc.), operates multidisciplinary community-based clinics offering rapid-acting treatments for depression located in Mississauga and Ottawa.
ON BEHALF OF THE BOARD
"Dr. Roger S. McIntyre"
Dr. Roger S. McIntyre
Chairman & CEO
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FOR FURTHER INFORMATION PLEASE CONTACT:
Braxia Scientific Corp.
Tel: 416-762-2138
Email: info@braxiascientific.com
Website: www.braxiascientific.com
The CSE has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-looking Information Cautionary Statement
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance are "forward-looking statements."
Forward-looking statements include statements about the intended promise of ketamine-based treatments for depression, the potential for ketamine or other psychedelics to treat other mental health conditions, the ability of Braxia's business strategies, including in telemedicine, to address the unmet need for mental health disorders or expand or accelerate the growth of Braxia. Such forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events, or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the failure of ketamine, psilocybin and other psychedelics to provide the expected health benefits and unanticipated side effects, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, municipal, local or other licenses and engaging in activities that could be later determined to be illegal under domestic or international laws. Ketamine and psilocybin are currently Schedule I and Schedule III controlled substances, respectively, under the Controlled Drugs and Substances Act, S.C. 1996, c. 19 (the "CDSA") and it is a criminal offence to possess such substances under the CDSA without a prescription or a legal exemption. Health Canada has not approved psilocybin as a drug for any indication, however ketamine is a legally permissible medication for the treatment of certain psychological conditions. It is illegal to possess such substances in Canada without a prescription.
While the Company will do everything possible to file the Annual Documents, there is no guarantee that the Company will be able to.
These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements.
Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, including the Amended and Restated Listing Statement dated April 15, 2021 and its most recent MD&A, which are available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218962
FAQ
Why was a cease trade order issued for Braxia Scientific (BRAXF) on August 2, 2024?
What are the implications of the cease trade order for Braxia Scientific (BRAXF) shareholders?
When does Braxia Scientific (BRAXF) expect to file the required financial documents?
Is Braxia Scientific (BRAXF) facing insolvency proceedings due to the cease trade order?
