Braxia Scientific’s Latest Update: Failure to File Cease Trade Order and CSE Listing
Toronto, Ontario, February 19, 2025 – In an update released recently, Braxia Scientific Corp. (BRAX, BRAXF, 4960) shared some important information regarding their current status with the Ontario Securities Commission (OSC). Let’s delve deeper into this situation.
Background
On August 6, 2024, Braxia Scientific disclosed that the OSC had issued a failure-to-file cease trade order (FFCTO) against the Corporation on August 2, 2024. The reason behind this action was the Company’s failure to file their audited annual financial statements, management discussion & analysis, and the CEO and CFO certificates as required by National Instrument 51-102 – Continuous Disclosure Obligations and National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings.
The Documents and the Filing Deadline
These documents were supposed to be filed by July 29, 2024 (the “Filing Deadline”). The failure to meet the deadline led to the OSC’s decision to issue the FFCTO.
Effect on Braxia Scientific
As a result of this situation, the trading of Braxia Scientific’s securities on the Canadian Securities Exchange (CSE) has been halted. The Company is actively working with the OSC to rectify the issue and regain compliance with the securities laws. In the meantime, Braxia Scientific is exploring various financing alternatives to meet its ongoing operational requirements.
Impact on Shareholders
- The trading halt may result in a temporary decrease in the liquidity of the Company’s securities.
- Shareholders may experience uncertainty and potential concerns regarding the Company’s financial situation.
- The delay in filing the annual financial statements may affect Braxia Scientific’s ability to attract new investors.
Effect on the World
Although this news primarily affects Braxia Scientific’s shareholders and the CSE trading community, it could have indirect consequences for the broader market:
- The incident may raise awareness about the importance of timely disclosure and compliance with securities regulations.
- It could potentially discourage investors from investing in companies that have a history of missing filing deadlines.
Conclusion
Braxia Scientific’s failure to file their annual financial statements and related documents on time has led to a halt in trading on the CSE and a cease trade order from the Ontario Securities Commission. Shareholders may experience uncertainty and temporary liquidity issues. The Company is actively working to rectify the situation and regain compliance. This incident highlights the importance of timely disclosure and adherence to securities regulations. As the situation develops, we will keep you updated.
Stay tuned for more updates and insights!
