Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 40

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 3
Chunk 40
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 which could delay or impede an acquisition of our company.
 
Our articles of incorporation, as amended, authorize the issuance of an unlimited number of “blank check” preferred shares, which could be issued by our Board without shareholder approval and which may contain liquidation, dividend and other rights equivalent or superior to our Common Shares. In addition, we have implemented in our constating documents an advance notice procedure for shareholder approvals to be brought before an annual meeting of our shareholders, including proposed nominations of persons for election to our Board. These provisions, among others, whether alone or together, could delay or impede hostile takeovers and changes in control or changes in our management. Any provision of our constating documents that has the effect of delaying or deterring a change in control could limit the opportunity for our shareholders to receive a premium for their Common Shares and could also affect the price that some investors are willing to pay for our Common Shares.
 
Our business could be negatively affected as a result of the actions of activist shareholders.
 
Proxy contests have been waged against many companies in the biopharmaceutical industry over the last few years. If faced with a proxy contest, we may not be able to successfully respond to the contest, which would be disruptive to our business. Even if we are successful, our business could be adversely affected by a proxy contest because:
 

●                                 responding to proxy contests and other actions by activist shareholders                              
         may be costly and time-consuming, and may disrupt our operations and divert the attention of management and our employees;    
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●   perceived uncertainties as to the potential outcome of any proxy contest                                                           
    may result in our inability to consummate potential acquisitions, collaborations or in-licensing opportunities and may make it more
    difficult to attract and retain qualified personnel and business partners; and                                                     
●   if individuals that have a specific agenda different from that of our                                                              
    management, or other members of our board of directors are elected to our Board as a result of any proxy contest, such an election 
    may adversely affect our ability to effectively and timely implement our strategic plan and to create value for our shareholders.  

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