Core Viewpoint - COSCIENS Biopharma Inc. has received a management cease trade order (MCTO) from the Ontario Securities Commission due to delays in filing its annual financial statements and related documents, but it is actively working to resolve the issues and expects to file by April 7, 2025 [1][2][3]. Group 1: Management Cease Trade Order (MCTO) - The MCTO was issued effective April 1, 2025, in connection with the potential delay in filing the annual financial statements for the years ended December 31, 2024, 2023, and 2022, along with related management discussions and analysis [2]. - The Company confirms it was unable to meet the filing deadline of March 31, 2025, but is working diligently with auditors to complete the required filings as soon as possible [3]. - The MCTO restricts trading in the Company's securities by its CEO and CFO until the required filings are completed, but does not affect other shareholders [5]. Group 2: Filing and Compliance - The Company plans to comply with alternative information guidelines set out in NP 12-203, including issuing bi-weekly default status reports while remaining in default of its filing obligations [4]. - There is no immediate effect on the listing of the Company's common shares on the Nasdaq Capital Market due to the MCTO and filing delay [6]. - The Company will issue a news release once the required filings have been completed [4]. Group 3: Company Overview - COSCIENS Biopharma Inc. is a life science company formed from the merger of Aeterna Zentaris and Ceapro Inc., focusing on developing and commercializing a diversified portfolio of cosmeceutical, nutraceutical, and pharmaceutical products [8]. - The Company leverages proprietary extraction technology for producing active ingredients from renewable plant resources, which are used in leading skincare products [8]. - COSCIENS is listed on both the Nasdaq Capital Market and the Toronto Stock Exchange under the ticker symbol "CSCI" [9].
COSCIENS Biopharma Inc. Announces Receipt of Management Cease Trade Order