BioNxt Solutions Provides Bi-weekly MCTO Status Report
- All outstanding audit materials from German subsidiaries have been received
- Draft financials have been prepared and provided to auditors
- No material changes or additional defaults since initial announcement
- Shareholder trading ability remains unaffected
- Company failed to file required annual financial statements on time
- CEO and CFO are restricted from trading company securities
- Delay in financial reporting indicates potential internal control or accounting issues
- Extended reporting delay could impact investor confidence and regulatory compliance
VANCOUVER, BC / ACCESS Newswire / May 29, 2025 / BioNxt Solutions Inc. ("BioNxt" or the "Company") (CSE:BNXT)(OTC PINK:BNXTF)(FSE:BXT), announces that, further to its news release dated May 1, 2025 (the "Default Announcement"), the Company's principal regulator, the British Columbia Securities Commission (the "BCSC") granted a management cease trade order (the "MCTO") on May 1, 2025, under National Policy 12-203 Management Cease Trade Orders ("NP 12-203").
Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer may not trade in securities of the Company until such time as the Company files its annual audited financial statements for the year ended December 31, 2024, including the related management's discussion and analysis, and CEO and CFO certifications on or before June 30, 2025 (collectively the "Required Documents") and the Executive Director of the BCSC revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities.
The Company's staff are working diligently with its auditors and the Company anticipates that it will be in a position to file the Required Documents by June 30, 2025. All previously outstanding audit materials related to the Company's German subsidiaries are now in-hand and the consolidations model is complete. Draft financials have been prepared and provided to the Company's audit firm.
The Company's Board of Directors and management confirm that they are working expeditiously to file the Required Documents and confirm that since the Company's Default Announcement:
There have been no material changes to the information contained in the Default Announcement that would reasonably be expected to be material to an investor;
There have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative information reporting guidelines under NP 12-203;
There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and
There have been no material changes in respect of the Company's affairs that have not been generally disclosed.
Until the Required Documents have been filed, the Company intends to continue to satisfy the provisions of the Alternative Information Guidelines specified in NP 12-203 by issuing these bi-weekly default status reports in the form of further press releases for so long as the Company remains in default of the Required Documents filing requirement.
About BioNxt Solutions Inc.
BioNxt Solutions Inc. is a bioscience innovator focused on next‐generation drug delivery technologies, diagnostic screening systems, and active pharmaceutical ingredient development. The Company's proprietary platforms-Sublingual (Thin‐Film), Transdermal (Skin Patch), and Oral (Enteric‐Coated Tablets)-target key therapeutic areas, including autoimmune diseases, neurological disorders, and longevity.
With research and development operations in North America and Europe, BioNxt is advancing regulatory approvals and commercialization efforts, primarily focused on European markets. BioNxt is committed to improving healthcare by delivering precise, patient‐centric solutions that enhance treatment outcomes worldwide.
BioNxt is listed on the Canadian Securities Exchange: BNXT, OTC Markets: BNXTF and trades in Germany under WKN: A3D1K3. To learn more about BioNxt, please visit www.bionxt.com.
Investor Relations & Media Contact
Hugh Rogers, Co‐Founder, CEO and Director
Email: investor.relations@bionxt.com
Phone: +1 778.598.2698
Web: www.bionxt.com
LinkedIn: https://www.linkedin.com/company/bionxt‐solutions
Instagram: https://www.instagram.com/bionxt
Cautionary Statement Regarding "Forward‐Looking" Information
This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements are often identified by words such as "expects," "intends," "anticipates," "believes," "estimates," "may," "could," "will," "plans," and similar expressions. These statements relate to future events or future performance, including, but not limited to, statements regarding the anticipated timing for filing the Required Documents, the Company's ability to remedy its filing default, the expected revocation of the MCTO, and the Company's continued compliance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). Forward-looking statements are based on the Company's current expectations, beliefs, and assumptions, including assumptions regarding the timely completion of the audit process, the ability of the Company and its auditors to meet required filing deadlines, the accuracy of management's estimates and expectations, regulatory approvals, and market conditions. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied in such statements. Factors that could cause actual results to differ materially include, but are not limited to: delays in the audit process; the Company's inability to file the Required Documents within the anticipated timeframe; regulatory or compliance issues; changes in financial reporting or disclosure standards; unanticipated requests for additional information from auditors or regulators; and other unforeseen financial, operational, or regulatory developments. Additional risk factors are outlined in the Company's public filings available on SEDAR+ (www.sedarplus.ca). The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information, future events, or otherwise, except as required by law. Investors are cautioned not to place undue reliance on forward-looking statements, as actual results may differ materially from expectations.
SOURCE: BioNxt Solutions Inc.
View the original press release on ACCESS Newswire
FAQ
What is the current status of BioNxt Solutions (BNXTF) MCTO?
When will BioNxt Solutions (BNXTF) file its delayed financial statements?
Can shareholders still trade BioNxt Solutions (BNXTF) stock during the MCTO?
What progress has BioNxt Solutions made in addressing the financial filing delay?
What caused the delay in BioNxt Solutions' financial statement filing?
