Welcome to our dedicated page for Braxia Scientifi news (Ticker: BRAXF), a resource for investors and traders seeking the latest updates and insights on Braxia Scientifi stock.
Braxia Scientific Corp. (OTC Pink: BRAXF) has issued a series of detailed news releases that trace its evolution from a medical research and telemedicine company operating multidisciplinary mental health clinics to a corporation in the process of winding down. Earlier disclosures describe Braxia Scientific as focusing on clinics that provide ketamine treatments, and at times psilocybin treatments, for persons with depression and related disorders, combined with research into novel drugs and delivery methods.
News coverage for Braxia Scientific includes financial results, corporate updates, and strategic reviews. The company has reported on treatment volumes and revenue trends at its clinics, efforts to reduce expenses and improve efficiencies, and a formal process to explore strategic alternatives such as potential sales, mergers, asset sales, or other significant transactions. These releases provide context on how the company’s mental health clinic operations and research activities have been managed over time.
More recent news has focused on regulatory and corporate restructuring events. Braxia Scientific announced an application for a management cease trade order, the subsequent issuance of a failure-to-file cease trade order by the Ontario Securities Commission, and the suspension of trading of its shares on the Canadian Securities Exchange. Additional releases detail the approval and completion of a transaction involving the sale of all or substantially all of the company’s assets, including the assets of its wholly owned clinic operator subsidiary.
Following the asset sale, Braxia Scientific disclosed that it has minimal cash assets, a significant working capital deficiency, and plans to wind down operations with no intention to pursue further business. Investors and observers can use the news flow associated with BRAXF to understand the company’s historical clinic and research activities, its financial and regulatory challenges, and the steps leading to its current wind-down status. This page aggregates those announcements so readers can follow the sequence of events affecting Braxia Scientific over time.
Braxia Scientific Corp. (CSE: BRAX) (OTC: BRAXF) announced several critical updates regarding its operational status. The company received a failure-to-file cease trade order (FFCTO) from the Ontario Securities Commission on August 2, 2024, due to missing financial statements and management documents for FY2024. This led to trading suspension on the CSE, with imminent delisting expected.
The company completed the sale of its Canadian Rapid Treatment Center of Excellence Inc. assets to Kris Kratiuk on November 22, 2024. Post-transaction, Braxia faces a significant working capital deficiency exceeding $1,800,000 with minimal cash assets. The only remaining asset is the KetaMD platform intellectual property, though the company expects value recovery from its sale.
Given these circumstances, Braxia Scientific has announced plans to wind down operations after addressing remaining staff obligations, with no intentions to pursue further business activities.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) announced significant changes in its leadership structure. Jerry Habuda resigned as director on November 12, 2024, with Peter Rizakos appointed as his replacement on the same date. Additionally, Roger McIntyre stepped down from his positions as director and CEO on November 13, 2024. Following these changes, the company's board of directors now consists of Ahmed Shehata and Peter Rizakos.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) (FSE: 4960) held its Annual General and Special Meeting of Shareholders on October 9, 2024. Key outcomes include:
1. Election of three directors: Roger McIntyre, Ahmed Shehata, and Jerry Habuda.
2. Appointment of DMCL as auditors.
3. Approval of the special resolution for the sale of substantially all of the Company's assets, including those of Canadian Rapid Treatment Center of Excellence Inc., to Kris Kratiuk.
The meeting had a 9.9% representation of issued and outstanding common shares. Braxia intends to proceed with closing the transaction with the Purchaser as soon as possible.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) (FSE: 4960) has announced its upcoming annual general and special meeting (AGM) for common shareholders. The Meeting is scheduled for Wednesday, October 9, 2024, at 10:00 a.m. Toronto time. It will be held in person at 1430 Hurontario Street, Mississauga, Ontario, L5G 3H4.
Shareholders are advised that remote participation via teleconference or other electronic means will not be available for voting or other meeting activities. The company encourages shareholders to vote in advance following the instructions provided in the meeting materials, including the Management Information Circular. These documents are accessible on SEDAR+ and the company's website.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) announced that the Ontario Securities Commission issued a failure-to-file cease trade order (FFCTO) on August 2, 2024. This order is due to the company's failure to file its audited annual financial statements, management discussion and analysis, and CEO/CFO certificates for the year ended March 31, 2024. The FFCTO prohibits trading of Braxia's securities in Canada, including through the CSE, with exceptions for certain beneficial securityholders. The company is not currently subject to insolvency proceedings and attributes the delay to additional complexities in the audit process. Braxia intends to file the required documents as soon as possible and will provide updates as more information becomes available.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) has announced that the Ontario Securities Commission (OSC) has denied its application for a voluntary management cease trade order (MCTO). The company will not meet the July 29, 2024 deadline for filing its audited annual financial statements and related documents for the year ended March 31, 2024. As a result, a Failure to File Cease Trade Order (FFCTO) is expected to be issued, leading to a suspension of trading in the company's shares.
Braxia Scientific aims to file the required documents by September 15, 2024, but is currently behind in payments to auditors and seeking funding to cover audit expenses. Additionally, Peter Rizakos has resigned as director, General Counsel, and CFO, but will continue in an unofficial consulting role. The company is actively seeking a replacement for the CFO and board position.
Braxia Scientific Corp. (CSE: BRAX) (OTC Pink: BRAXF) has applied for a management cease trade order (MCTO) with the Ontario Securities Commission due to an expected delay in filing its audited annual financial statements for the year ended March 31, 2024. The delay is attributed to changes in the company's CFO and departure of senior management. If granted, the MCTO will prohibit the CEO and CFO from trading company securities until the required filings are completed.
The company anticipates filing the required documents by September 15, 2024, missing the original July 31, 2024 deadline. During this period, public trading of Braxia's securities will continue. The company will follow alternative information guidelines as outlined in National Policy 12-203 while the required filings are outstanding.
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