Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 127

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 6
Chunk 127
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 equal
basis, in proportion to the amount of their respective claims in regard to such shares held by them. The holders of Second Preferred
Shares are entitled to preference and priority to any participation of holders of Common Shares or shares of any other class of shares
of our share capital ranking junior to the Second Preferred Shares with respect to dividends and, in the event of our liquidation, the
distribution of our property upon our dissolution or winding-up, or the distribution of all or part of our assets among the shareholders,
to an amount equal to the value of the consideration paid in respect of such shares outstanding, as credited to our issued and paid-up
share capital, on an equal basis, in proportion to the amount of their respective claims in regard to such shares held by them.

Our Board may, from time to time, provide for additional
series of Preferred Shares to be created and issued, but the issuance of any Preferred Shares is subject to the general duties of the
directors under the CBCA to act honestly and in good faith with a view to our best interests and to exercise the care, diligence and
skill that a reasonably prudent person would exercise in comparable circumstances.

Warrants

For a description of our
Warrants, see note 16 - share capital, warrants and other capital, to the audited consolidated financial statements included in
Item 18 of this Annual Report on Form 20-F.

Shareholder Actions

The CBCA provides that our shareholders may, with
leave of a court, bring an action in our name and on our behalf for the purpose of prosecuting, defending or discontinuing an action
on our behalf. In order to grant leave to permit such an action, the CBCA provides that the court must be satisfied that our directors
were given adequate notice of the application, the shareholder is acting in good faith and that it appears to be in our best interests
that the action be brought.

  86  

Shareholder Rights Plan

The Board of the Company approved an amended and
restated shareholder rights plan of the Company on March 29, 2019, which was approved, ratified and confirmed by the shareholders at
the annual and special meeting of shareholders of the Company on May 8, 2019 (the “Rights Plan”). Shareholders of
the Company reconfirmed the Rights Plan on June 21, 2022. The Rights Plan was originally implemented in 2016 and was implemented to ensure,
to the extent possible, that all shareholders of the Company are treated fairly in