Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 129

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 6
Chunk 129
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 price equal to the Market Price (as
defined below) of the Common Shares as determined at the Separation Time, multiplied by five, subject to certain anti-dilution adjustments
(the “Exercise Price”), and they are not exercisable until the Separation Time. Upon the occurrence of a Flip-in Event
(as defined below), each right will entitle the holder thereof, other than an Acquiring Person or any other person whose rights are or
become void pursuant to the provisions of the Rights Plan, to purchase from us, effective at the close of business on the eighth trading
day after the Stock Acquisition Date (as defined below), upon payment to us of the Exercise Price, Common Shares having an aggregate
Market Price equal to twice the Exercise Price on the date of consummation or occurrence of such Flip-in Event, subject to certain anti-dilution
adjustments.

Definition of Market Price

Market Price is generally defined in the Rights Plan,
on any given day on which a determination must be made, as the volume weighted average trading price of the Common Shares for the 20
consecutive trading days (i. e. days on which the TSX or another stock exchange or national securities quotation system on which the Common
Shares are traded (including for greater certainty, each of the Nasdaq Global Select Market, the Nasdaq Global Market and the Nasdaq
Capital Market) is open for the transaction of business, subject to certain exceptions), through and including the trading day immediately
preceding such date of determination, subject to certain exceptions.

  87  

Trading of Rights

Until the Separation Time (or the earlier termination
or expiration of the rights), the rights trade together with the Common Shares and are represented by the same share certificates as
the Common Shares or an entry in our securities register in respect of any outstanding Common Shares. From and after the Separation Time
and prior to the Expiration Time, the rights are evidenced by rights certificates and trade separately from the Common Shares. The rights
do not carry any of the rights attaching to the Common Shares such as voting or dividend rights.

Separation Time

The rights will separate from the Common Shares to
which they are attached and become exercisable at the time (the “Separation Time”) of the close of business on the
eighth business day after the earliest to occur of:

  (1)      the first date (the “ Stock Acquisition Date”) of a public                                                                            
  (2)      the date of the commencement of,