Company: EDSA
Filing Date: 2025-03-04
Form Type: S-3
Source: 0001171843-25-001239
Chunk: 22

Company: Edesa Biotech, Inc.
Filing Date: 2025-03-04
Form: S-3
Chunk 22
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 conduct of parties involved in a bid. The National Policy and NI 62-104 are
collectively referred to as the “Bid Regime.” The National Policy does not have the force of law, but is an indication by
the CSA of what the intentions and desires of the regulators are in the areas covered by their policies. Unlike some regimes where the
take-over bid rules are primarily policy-driven, in Canada the regulatory framework for take-over bids is primarily rules-based, which
rules are supported by policy.

A “take-over bid” or “bid”
is an offer to acquire outstanding voting or equity securities of a class made to any person who is in one of the provinces of Canada
or to any securityholder of an offeree issuer whose last address as shown on the books of a target is in such province, where the securities
subject to the offer to acquire, together with the securities “beneficially owned” by the offeror, constitute in the aggregate
20% or more of the outstanding securities of that class of securities at the date of the offer to acquire. For the purposes of the Bid
Regime, a security is deemed to be “beneficially owned” by an offeror as of a specific date if the offeror is the beneficial
owner of a security convertible into the security within 60 days following that date, or has a right or obligation permitting or requiring
the offeror, whether or not on conditions, to acquire beneficial ownership of the security within 60 days by a single transaction or a
series of linked transactions. Offerors are also subject to early warning requirements, where an offeror who acquires “beneficial
ownership of”, or control or direction over, voting or equity securities of any class of a reporting issuer or securities convertible
into, voting or equity securities of any class of a target that, together with the offeror’s securities, would constitute 10% or
more of the outstanding securities of that class must promptly publicly issue and file a news release containing certain prescribed information,
and, within two business days, file an early warning report containing substantially the same information as is contained in the news
release.

In addition, where an offeror is required to file an
early warning report or a further report as described and the offeror acquires or disposes of beneficial ownership of, or the power to
exercise control or direction over, an additional 2% or more of the outstanding securities of the class, or disposes of beneficial ownership
of outstanding securities