Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 128

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 6
Chunk 128
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 connection with any take-over offer or other acquisition
of control of the Company.

Objectives and Background of the Rights Plan

The fundamental objectives of the Rights Plan are
to provide adequate time for our Board and shareholders to assess an unsolicited take-over bid for us, to provide the Board with sufficient
time to explore and develop alternatives for maximizing shareholder value if a take-over bid is made, and to provide shareholders with
an equal opportunity to participate in a take-over bid.

The Rights Plan encourages a potential acquiror who
makes a take-over bid to proceed either by way of a “ Permitted Bid”, as described below, which requires a take-over bid to
satisfy certain minimum standards designed to promote fairness, or with the concurrence of our Board. If a take-over bid fails to meet
these minimum standards and the Rights Plan is not waived by the Board, the Rights Plan provides that holders of Common Shares, other
than the acquiror, will be able to purchase additional Common Shares at a significant discount to market, thus exposing the person acquiring
Common Shares to substantial dilution of its holdings.

Summary of the Rights Plan

The following is a summary of the principal terms
of the Rights Plan, which summary is qualified in its entirety by reference to the terms thereof. Capitalized terms not otherwise defined
in this summary shall have the meaning ascribed to such terms in the Rights Plan. A draft of the Rights Plan is available at the following
websites: www. zenataris. com, www. sedarplus. ca and www. sec. gov.

For the purposes of this summary and as set out in
the Rights Plan, the term “ NI 62-104” refers to National Instrument 62-104-Take-Over Bids and Issuer Bidsadopted
by the Canadian securities regulatory authorities, as now in effect or as the same may from time to time be amended, re-enacted or replaced
and including for greater certainty any successor instrument thereto.

Operation of the Rights Plan

Pursuant to the terms of the Rights Plan, one right
was issued in respect of each common share outstanding at 5:01 p. m. on March 29, 2016 (the “ Record Time”). In addition,
we will issue one right for each additional Common Share issued after the Record Time and prior to the earlier of the Separation Time
(as defined below) and the Expiration Time (as defined below). The rights have an initial exercise