Toronto, Ontario–(Newsfile Corp. – July 15, 2024) – Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) (FSE: 4960), (“Braxia Scientific”, or the “Company”), today announced that it has made an application to the Ontario Securities Commission to approve a management cease trade order (“MCTO”) under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”), which, if granted, will prohibit the Chief Executive Officer and Chief Financial Officer of the Company from trading in securities of the Company until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Company and the MCTO has been revoked. During the period in which the MCTO is effective, the general public will continue to be able to trade in the Company’s listed securities. The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted.
The Company expects that it will be unable to file its audited annual consolidated financial statements for the financial year ended March 31, 2024 (the “Financial Statements”) and the related management’s discussion and analysis and CEO and CFO certificates for the same period (collectively, with the Financial Statements, the “Required Filings”) before the filing deadline of July 31, 2024 (the “Filing Deadline”).
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The Company’s inability to make the Required Filings by the Filing Deadline is due to a change in the Company’s CFO and the departure of other senior management. The Company has adequate senior management, officers and directors and finance support and anticipates that it will be in a position to remedy the default by making the Required Filings on or before September 15, 2024. The MCTO, if granted, will be in effect until the Required Filings are made.
The Company will follow the alternative information guidelines set out in Sections 9 and 10 of NP 12-203 as long as the Required Filings are outstanding.
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.