COSCIENS Biopharma Inc. Announces Receipt of Management Cease Trade Order
COSCIENS Biopharma (NASDAQ/TSX: CSCI) has received a Management Cease Trade Order (MCTO) from the Ontario Securities Commission effective April 1, 2025. The MCTO was issued due to potential delays in filing required annual financial documents for 2022-2024, including financial statements, management discussion, CEO/CFO certificates, and Form 20-F.
The company expects to complete these filings by April 7, 2025. The MCTO restricts the CEO and CFO from trading company securities until the required filings are completed. Regular shareholders unaffected by this order can continue trading normally.
While the MCTO won't immediately impact CSCI's Nasdaq Capital Market listing, the company must issue bi-weekly status updates until the situation is resolved. COSCIENS confirms no material changes since their March 19 default announcement.
COSCIENS Biopharma (NASDAQ/TSX: CSCI) ha ricevuto un'Ordine di Sospensione della Gestione (MCTO) dalla Commissione dei Valori Mobiliari dell'Ontario, effettivo dal 1 aprile 2025. L'MCTO è stato emesso a causa di potenziali ritardi nella presentazione dei documenti finanziari annuali richiesti per il periodo 2022-2024, inclusi i bilanci, la discussione della direzione, i certificati del CEO/CFO e il Modulo 20-F.
L'azienda prevede di completare queste presentazioni entro il 7 aprile 2025. L'MCTO limita il CEO e il CFO dal trading dei titoli aziendali fino al completamento delle presentazioni richieste. Gli azionisti regolari non colpiti da questo ordine possono continuare a fare trading normalmente.
Sebbene l'MCTO non impatti immediatamente la quotazione di CSCI sul Nasdaq Capital Market, l'azienda deve emettere aggiornamenti sullo stato ogni due settimane fino a quando la situazione non sarà risolta. COSCIENS conferma che non ci sono cambiamenti materiali dalla loro annuncio di default del 19 marzo.
COSCIENS Biopharma (NASDAQ/TSX: CSCI) ha recibido una Orden de Suspensión de Gestión (MCTO) de la Comisión de Valores de Ontario, efectiva a partir del 1 de abril de 2025. La MCTO se emitió debido a posibles retrasos en la presentación de los documentos financieros anuales requeridos para 2022-2024, incluidos los estados financieros, la discusión de la administración, los certificados del CEO/CFO y el Formulario 20-F.
La empresa espera completar estas presentaciones para el 7 de abril de 2025. La MCTO restringe al CEO y al CFO de negociar valores de la empresa hasta que se completen las presentaciones requeridas. Los accionistas regulares no afectados por esta orden pueden continuar negociando normalmente.
Aunque la MCTO no impactará inmediatamente la cotización de CSCI en el Nasdaq Capital Market, la empresa debe emitir actualizaciones quincenales sobre el estado hasta que se resuelva la situación. COSCIENS confirma que no ha habido cambios materiales desde su anuncio de incumplimiento del 19 de marzo.
COSCIENS Biopharma (NASDAQ/TSX: CSCI)는 2025년 4월 1일부터 유효한 온타리오 증권 위원회로부터 관리 중지 거래 명령(MCTO)을 받았습니다. MCTO는 2022-2024년 동안 요구되는 연간 재무 문서 제출의 잠재적인 지연으로 인해 발급되었습니다. 여기에는 재무 제표, 경영 논의, CEO/CFO 인증서 및 양식 20-F가 포함됩니다.
회사는 이러한 제출을 2025년 4월 7일까지 완료할 것으로 예상하고 있습니다. MCTO는 CEO와 CFO가 요구되는 제출이 완료될 때까지 회사 증권 거래를 제한합니다. 이 명령의 영향을 받지 않는 일반 주주들은 정상적으로 거래를 계속할 수 있습니다.
MCTO가 CSCI의 나스닥 자본 시장 상장에 즉각적인 영향을 미치지는 않지만, 회사는 상황이 해결될 때까지 격주로 상태 업데이트를 발행해야 합니다. COSCIENS는 3월 19일 기본 위반 발표 이후 중대한 변화가 없음을 확인합니다.
COSCIENS Biopharma (NASDAQ/TSX: CSCI) a reçu un Ordre de Suspension de Gestion (MCTO) de la Commission des Valeurs Mobilières de l'Ontario, effectif à partir du 1er avril 2025. Le MCTO a été émis en raison de retards potentiels dans le dépôt des documents financiers annuels requis pour 2022-2024, y compris les états financiers, la discussion de gestion, les certificats du PDG/CFO et le Formulaire 20-F.
L'entreprise prévoit de compléter ces dépôts d'ici le 7 avril 2025. Le MCTO interdit au PDG et au CFO de négocier des valeurs mobilières de l'entreprise jusqu'à ce que les dépôts requis soient complétés. Les actionnaires réguliers non affectés par cet ordre peuvent continuer à négocier normalement.
Bien que le MCTO n'impacte pas immédiatement la cotation de CSCI sur le Nasdaq Capital Market, l'entreprise doit émettre des mises à jour bihebdomadaires jusqu'à ce que la situation soit résolue. COSCIENS confirme qu'il n'y a eu aucun changement matériel depuis leur annonce de défaut du 19 mars.
COSCIENS Biopharma (NASDAQ/TSX: CSCI) hat eine Management Cease Trade Order (MCTO) von der Ontario Securities Commission erhalten, die ab dem 1. April 2025 wirksam ist. Die MCTO wurde aufgrund möglicher Verzögerungen bei der Einreichung der erforderlichen Jahresfinanzdokumente für 2022-2024 erlassen, einschließlich Finanzberichte, Managementdiskussion, CEO/CFO-Zertifikate und Formular 20-F.
Das Unternehmen erwartet, diese Einreichungen bis zum 7. April 2025 abzuschließen. Die MCTO beschränkt den CEO und CFO daran, Unternehmenswerte zu handeln, bis die erforderlichen Einreichungen abgeschlossen sind. Reguläre Aktionäre, die von dieser Order nicht betroffen sind, können weiterhin normal handeln.
Obwohl die MCTO die Nasdaq Capital Market-Notierung von CSCI nicht sofort beeinflusst, muss das Unternehmen bis zur Klärung der Situation alle zwei Wochen Statusupdates herausgeben. COSCIENS bestätigt, dass es seit der Bekanntgabe des Defaults am 19. März keine wesentlichen Änderungen gegeben hat.
- MCTO application accepted, allowing company to continue normal operations
- Regular shareholders maintain ability to trade shares
- No immediate impact on Nasdaq listing status
- Failure to meet March 31, 2025 deadline for filing annual financial statements
- Management Cease Trade Order restricts CEO and CFO from trading company securities
- Potential regulatory compliance issues due to delayed financial filings
- Risk of further delays beyond stated April 7 target date
Insights
The Management Cease Trade Order (MCTO) issued to COSCIENS represents a material regulatory intervention that investors should carefully consider. This order restricts the CEO and CFO from trading company securities until required financial statements and annual reports are filed. The company has missed its March 31, 2025 statutory filing deadline but expects completion by April 7.
While COSCIENS frames this as a short administrative delay, MCTOs are not routine occurrences and signal compliance deficiencies serious enough to warrant regulatory action. The absence of year-end financial statements creates an information vacuum precisely when investors need transparency to evaluate the company's position and performance.
The company has provided no explanation for the delay, which raises questions about potential underlying issues. Possible causes range from benign administrative challenges to more concerning possibilities like auditor disagreements or accounting complexities. The timing - at fiscal year-end - is particularly problematic as it prevents assessment of full-year 2024 results.
Although regular shareholders can continue trading, they must do so without access to current financial information. The company's assurance of no immediate impact on its Nasdaq listing should be viewed cautiously, as continued compliance issues could eventually affect listing status if not resolved promptly.
This development introduces regulatory uncertainty and reflects negatively on the company's governance and disclosure practices, warranting investor caution until the situation is fully resolved and filings are completed.
TORONTO, ONTARIO, April 01, 2025 (GLOBE NEWSWIRE) -- COSCIENS Biopharma Inc. (NASDAQ: CSCI) (TSX: CSCI) (“COSCIENS” or the “Company”), a life science company which develops and commercializes a diversified portfolio of cosmeceutical, nutraceutical and pharmaceutical products, today announces further to its news release of March 19, 2025 (the “Default Announcement”) that its application to the Ontario Securities Commission (the “OSC”) for a management cease trade order (“MCTO”), in accordance with National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”), has been accepted by the OSC.
The MCTO was issued by the OSC, effective as of April 1, 2025, in connection with the Company’s potential delay in its filing of: (a) its annual financial statements as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022, and its related management’s discussion and analysis (collectively, the “Financial Statements”); (b) the CEO and CFO certificates relating to the Financial Statements; and (c) the Company’s annual information form (in the form of an annual report on Form 20-F) (collectively, the “Required Filings”) beyond the prescribed filing deadline, being March 31, 2025 (the “Required Deadline”).
The Company confirms that it was unable to file the Required Filings by the Required Deadline for the reasons described in the Default Announcement. However, the Company continues to work diligently with its auditors to complete the Required Filings as soon as practicable, and expects to file the Required Filings as soon as they are available and by April 7, 2025.
The Company will issue a news release once the Required Filings have been filed. Until the Company files the Required Filings, it will comply with the alternative information guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases (which will be filed on SEDAR+) for so long as it remains in default of its obligation to file the Required Filings.
The MCTO restricts all trading in and all acquisitions of securities of the Company, whether direct or indirect, by its Chief Executive Officer and Chief Financial Officer until such time as the Required Filings have been filed by the Company and the MCTO has been revoked. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.
The MCTO and delay in filing will have no immediate effect on the listing of the Company’s common shares on the Nasdaq Capital Market. The Company plans to file its Form 20-F as soon as practicable; however, no assurance can be given as to the definitive date on which such report will be filed.
The Company confirms as of the date of this news release that there has been no material change in the information contained in the Default Announcement, and that there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About COSCIENS Biopharma Inc.
COSCIENS is a life science company resulting from the merger of Aeterna Zentaris and Ceapro Inc. COSCIENS develops and commercializes a diversified portfolio of cosmeceutical, nutraceutical and pharmaceutical products. We are focused on leveraging our proprietary extraction technology, which is applied to the production of active ingredients from renewable plant resources currently used in cosmeceutical products (i.e., oat beta glucan and avenanthramides which are found in leading skincare product brands like Aveeno and Burt's Bees formulations) and being developed as potential nutraceuticals and/or pharmaceuticals.
The Company is listed on the Nasdaq Capital Market and the Toronto Stock Exchange, and trades on both exchanges under the ticker symbol "CSCI". For more information, please visit COSCIENS' website at www.cosciensbio.com.
Forward-Looking Statements
Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended, and "forward-looking information" under the provisions of Canadian securities laws. All statements, other than statements of historical fact, that address circumstances, events, activities, or developments that could or may or will occur are forward-looking statements. When used in this news release, words such as "anticipate", "assume", "believe", "could", "expect", "forecast", "future", "goal", "guidance", "intend", "likely", "may", "would" or the negative or comparable terminology as well as terms usually used in the future and the conditional are generally intended to identify forward-looking statements, although not all forward-looking statements include such words. Forward-looking statements in this news release include, but are not limited to, statements relating to: the filing of the Required Filings, including the satisfactory resolution of issues that have led to the delay in filing the Required Filings, as well as the revocation of the MCTO; the Company’s compliance with the alternative information guidelines of NP 12-203; the potential effects of the delay in filing on trading of the Company’s securities on the Nasdaq Capital Market; and the Company’s timing for filing of a Form 20-F.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the combined Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them.
Forward-looking statements involve known and unknown risks and uncertainties which include, among others: the combined Company's present and future business strategies; operations and performance within expected ranges; anticipated future cash flows; local and global economic conditions and the environment in which the combined Company operates; anticipated capital and operating costs; uncertainty in our revenue generation from our marketed products, product development and related clinical trials and validation studies; results from our avenanthramide product and other products under development may not be successful or may not support advancing the product; the failure of the DETECT-trial to achieve its primary endpoint in CGHD may impact the market for macimorelin (Macrilen®; Ghryvelin®) in AGHD and the existing relationships we have for that product; ability to raise capital and obtain financing to continue our currently planned operations; our now heavy dependence on sales by and revenue from our main distributor of our legacy Ceapro products and its customers, the continued availability of funds and resources to successfully commercialize our products; the ability to secure strategic partners for late stage development, marketing, and distribution of our products; our ability to enter into out-licensing, development, manufacturing, marketing and distribution agreements with other pharmaceutical companies and keep such agreements in effect; our ability to protect and enforce our patent portfolio and intellectual property; and our ability to continue to list our common shares on the Nasdaq Capital Market.
Issuer:
Gilles R. Gagnon
President & CEO
+1 (780) 421-4555
E: ggagnon@cosciensbio.com
Investor Contact:
Jenene Thomas
JTC TeamT (US): +1 (908) 824-0775
E: csci@jtcir.com
