Awakn Life Sciences Provides Update on Financial Statements Filing

Awakn Life Sciences Corp., a clinical-stage biotechnology company focusing on developing medication-assisted treatments for addiction, is facing a potential cease-trade order from the Ontario Securities Commission due to a delay in filing its audited annual financial statements and MD&A for the financial year ended January 31, 2024. The company, which recently transitioned from Cboe to the Canadian Securities Exchange, is now classified as a venture issuer under Canadian securities law.

The company had prepared its audit based on the filing deadline applicable to venture issuers, which is 120 days from the financial year end. However, since the listing on the CSE occurred twelve days after the end of the financial year, the Financial Statements are technically subject to the filing deadline for non-venture issuers, which is 90 days from the financial year end. As a result, the Ontario Securities Commission has notified Awakn that it is late in filing the Financial Statements and may issue a cease-trade order if they are not filed by May 7, 2024.

Awakn is working with its auditor, MNP LLP, to complete the audit and expects to file the Financial Statements by May 30, 2024. In the meantime, the company has applied for a management cease-trade order to allow trading by individuals who are not directors, officers, or insiders of the company. If the MCTO application is rejected, a full cease-trade order may be issued shortly after May 7, 2024.

Investors are advised to monitor the situation closely and review the company’s public filings for updates on the matter. The company remains committed to providing breakthrough therapeutics for addiction sufferers and is focused on commercializing its R&D pipeline across multiple channels.