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.
“Dr. Roger S. McIntyre”
Dr. Roger S. McIntyre
FOR FURTHER INFORMATION PLEASE CONTACT:
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.