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.
“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.