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TORONTO, Sept. 16, 2022 /PRNewswire/ – Braxia Scientific Corp. (“Braxia Scientific”, or the “Company”), (CSE:BRAX) (OTC:BRAXF) (FWB: 4960) announced today that the Supreme Court of British Columbia has approved a settlement of a class action lawsuit that was filed in May 2021 against Braxia Scientific, its CEO, certain of its former officers, a shareholder, and underwriters (the “Canadian Settlement”). The Canadian Settlement contemplates a cash payment of CDN $1.9 millionof which the Company will be paying CDN $1.6 million.
The court approval of an agreement in principle (the “US Settlement”) to settle claims alleged in a securities class action (the “US Class Action”) against the Company and certain of its former officers filed in the United States District Court for the Central District of California in April, 2021, remains pending. The US Settlement contemplates a cash payment by the Company of USD $1 million to settle the US Class Action.
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