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COSCIENS Biopharma Inc. Announces Receipt of Management Cease Trade Order
TORONTO, ONTARIO, April 01, 2025 (GLOBE NEWSWIRE) -- COSCIENS Biopharma Inc. (NASDAQ: CSCI) (TS...
About this update from Cosciens Biopharma Inc.
[{"type":"text","content":"COSCIENS Biopharma Inc. Announces Receipt of Management Cease Trade Order\n\n\n\n\n TORONTO, ONTARIO, April 01, 2025 (GLOBE NEWSWIRE) --\n \n COSCIENS Biopharma Inc. (NASDAQ: CSCI) (TSX: CSCI) (“\n \n COSCIENS\n \n ” or the “\n \n Company\n \n ”), 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 “\n \n Default Announcement\n \n ”) that its application to the Ontario Securities Commission (the “\n \n OSC\n \n ”) for a management cease trade order (“\n \n MCTO\n \n ”), in accordance with National Policy 12-203 –\n \n Management Cease Trade Orders\n \n (“\n \n NP 12-203\n \n ”), has been accepted by the OSC.\n \n\n 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 “\n \n Financial Statements\n \n ”); (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 “\n \n Required Filings\n \n ”) beyond the prescribed filing deadline, being March 31, 2025 (the “\n \n Required Deadline\n \n ”).\n \n\n 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.\n \n\n 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 obl...