Braxia Scientific Provides Update on Application for Management Cease Trade Order
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) has announced that the Ontario Securities Commission (OSC) has denied its application for a voluntary management cease trade order (MCTO). The company will not meet the July 29, 2024 deadline for filing its audited annual financial statements and related documents for the year ended March 31, 2024. As a result, a Failure to File Cease Trade Order (FFCTO) is expected to be issued, leading to a suspension of trading in the company's shares.
Braxia Scientific aims to file the required documents by September 15, 2024, but is currently behind in payments to auditors and seeking funding to cover audit expenses. Additionally, Peter Rizakos has resigned as director, General Counsel, and CFO, but will continue in an unofficial consulting role. The company is actively seeking a replacement for the CFO and board position.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) ha annunciato che la Commissione di Vigilanza del Ontario (OSC) ha negato la sua richiesta di un'ordinanza di cessazione del commercio per gestione volontaria (MCTO). L'azienda non rispetterà la scadenza del 29 luglio 2024 per la presentazione dei suoi bilanci annuali auditati e dei documenti correlati per l'anno conclusosi il 31 marzo 2024. Di conseguenza, si prevede che venga emessa un'
Braxia Scientific mira a presentare i documenti richiesti entro il 15 settembre 2024, ma attualmente è indietro nei pagamenti verso i revisori e sta cercando finanziamenti per coprire le spese di audit. Inoltre, Peter Rizakos ha dimittenza in qualità di direttore, consulente legale generale e CFO, ma continuerà a ricoprire un ruolo di consulente non ufficiale. L'azienda sta attivamente cercando un sostituto per la posizione di CFO e per il consiglio di amministrazione.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) ha anunciado que la Comisión de Valores de Ontario (OSC) ha denegado su solicitud de una orden de cese de comercio de gestión voluntaria (MCTO). La compañía no cumplirá con la fecha límite del 29 de julio de 2024 para presentar sus estados financieros anuales auditados y documentos relacionados para el año que terminó el 31 de marzo de 2024. Como resultado, se espera que se emita una Orden de cese de comercio por falta de presentación (FFCTO), lo que llevará a una suspensión del comercio de las acciones de la compañía.
Braxia Scientific tiene como objetivo presentar los documentos requeridos antes del 15 de septiembre de 2024, pero actualmente está atrasada en los pagos a los auditores y buscando financiamiento para cubrir los gastos de auditoría. Además, Peter Rizakos ha renunciado como director, asesor jurídico general y CFO, pero continuará en un rol de consultoría no oficial. La compañía está buscando activamente un reemplazo para el CFO y el puesto en la junta.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF)는 온타리오 증권 위원회(OSC)가 자발적 경영 중단 거래 명령(MCTO)에 대한 신청을 거부했다고 발표했습니다. 회사는 2024년 3월 31일에 종료된 연도의 감사된 연간 재무제표 및 관련 문서를 2024년 7월 29일 마감일까지 제출하지 못할 것입니다. 따라서 제출 실패로 인한 거래 중단 명령(FFCTO)이 발행될 것으로 예상되며, 이는 회사의 주식 거래 중단으로 이어질 것입니다.
Braxia Scientific는 2024년 9월 15일까지 필요한 문서를 제출할 계획이지만, 현재 감사비용을 충당하기 위해 감사인에게 지급이 지연되고 있으며 자금을 찾고 있습니다. 또한, Peter Rizakos는 이사, 법률 고문 및 CFO로서 사임했습니다지만 비공식 컨설팅 역할을 계속할 것입니다. 회사는 CFO 및 이사직에 대한 대체자를 적극적으로 찾고 있습니다.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) a annoncé que la Commission des valeurs mobilières de l'Ontario (OSC) a rejeté sa demande de cessation volontaire de commerce de gestion (MCTO). La société ne respectera pas la date limite du 29 juillet 2024 pour le dépôt de ses états financiers annuels audités et des documents connexes pour l'année close le 31 mars 2024. En conséquence, une Ordonnance de cessation de commerce pour défaut de dépôt (FFCTO) devrait être émise, entraînant une suspension de la négociation des actions de la société.
Braxia Scientific vise à soumettre les documents requis d'ici le 15 septembre 2024, mais est actuellement en retard dans les paiements aux auditeurs et recherche des financements pour couvrir les frais d'audit. De plus, Peter Rizakos a démissionné de son poste de directeur, conseiller juridique général et CFO, mais continuera dans un rôle de consultant non officiel. La société recherche activement un remplaçant pour le poste de CFO et pour le conseil d'administration.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) hat angekündigt, dass die Ontario Securities Commission (OSC) ihren Antrag auf eine freiwillige Leitungshandelsaussetzung (MCTO) abgelehnt hat. Das Unternehmen wird die Frist vom 29. Juli 2024 für die Einreichung seiner geprüften Jahresabschlussunterlagen und damit verbundenen Dokumente für das am 31. März 2024 endende Jahr nicht einhalten. Infolgedessen wird erwartet, dass eine Handelsaussetzung wegen Nichterfüllung (FFCTO) erlassen wird, was zu einer Handelsaussetzung der Aktien des Unternehmens führen wird.
Braxia Scientific strebt an, die erforderlichen Dokumente bis zum 15. September 2024 einzureichen, ist jedoch derzeit in Zahlungen an die Prüfer im Verzug und sucht Finanzmittel, um die Prüfungsgebühren zu decken. Darüber hinaus hat Peter Rizakos als Direktor, General Counsel und CFO resigniert, wird jedoch in einer inoffiziellen Beratungsfunktion weiterarbeiten. Das Unternehmen sucht aktiv nach einem Ersatz für die CFO- und Vorstandposition.
- Company aims to file required documents by September 15, 2024
- OSC denied application for voluntary management cease trade order
- Company will miss July 29, 2024 filing deadline for annual financial statements
- Expected issuance of Failure to File Cease Trade Order (FFCTO)
- Anticipated suspension of trading in company's shares
- Behind in payments to auditors
- Seeking funding to cover audit expenses
- Resignation of Peter Rizakos as director, General Counsel, and CFO
Toronto, Ontario--(Newsfile Corp. - July 25, 2024) - Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) (FSE: 4960) ("Braxia Scientific", or the "Company"), today announced further to its press release of July 15, 2024, that the Ontario Securities Commission (the "OSC") has denied the Company's application for a voluntary management cease trade order (the "MCTO") under National Policy 12-203 Management Cease Trade Orders ("NP 12-203") as the Company does not meet the criteria for an MCTO.
The Company previously reported it had filed the application for a voluntary MCTO with the OSC due to an anticipated delay in filing its audited annual financial statements and management discussion & analysis for the financial year ended March 31, 2024, and the CEO and CFO certificates, all as required by National Instrument 51-102 - Continuous Disclosure Obligations and National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Documents"). The Documents are required to be filed by July 29, 2024 (the "Filing Deadline").
The Company will not be in a position to file the Documents by the Filing Deadline. As previously disclosed, the delay in the preparation and filing of the Documents is due to a change in the Company's CFO and the departure of other senior management.
As such, it is anticipated that a Failure to File Cease Trade Order (an "FFCTO") will be issued against the Company shortly after the Filing Deadline. This will result in a suspension of trading in the Company's shares.
The Company intends to work diligently and expeditiously with its auditor and is planning to remedy the default with the current expectations of filing the Documents on or before September 15, 2024. It is currently behind in payments to the auditors and is seeking the necessary funding to cover audit expenses. If the default is remedied within 90 days of the date of the FFCTO, including the filing of any interim financial statements, MD&A and certifications that subsequently became due, the filing of the Documents will constitute an application to revoke the FFCTO with no further application or fees.
In addition, Peter Rizakos has resigned as a director, General Counsel and CFO of the Company, effective immediately. He will continue to work with the Company in an unofficial consulting role to support the Company's efforts to file the Documents. The Company is seeking a replacement for the vacated CFO and board position.
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 Documents to have the FFCTO revoked, , there is no guarantee that the Company will be able to or that the FFCTO will be revoked.
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.sedarplus.ca. 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/217755
FAQ
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