TORONTO, Feb. 7, 2023 /CNW/ - Intellipharmaceutics International Inc. (OTCQB: IPCIF) (TSX: IPCI) ("Intellipharmaceutics" or the "Company"), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, announced today that the Ontario Securities Commission (the "OSC") has denied the Company's application for a management cease trade order (the "MCTO") in connection with its anticipated delay in filing annual audited financial statements, management's discussion and analysis, Chief Executive Officer and Chief Financial Officer certificates and annual information form for the fiscal year ended November 30, 2022 (collectively, the "Required Filings") due February 28, 2023 (the "Filing Deadline"). The OSC does not view the Company as having met all of the eligibility criteria for the MCTO set out in National Policy 12-203 – Management Cease Trade Orders and informed the Company that staff of the OSC will be issuing a failure-to-file cease trade order (the "CTO") after February 28, 2023 pursuant to National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions for the failure to file the Required Filings by the Filing Deadline. Once issued, the CTO will remain in effect until the Required Filings are filed and will prohibit trading in the Company's common shares by any person in each jurisdiction in Canada in which the Company is a reporting issuer, for as long as the CTO remains in effect. If the default is remedied within 90 days of the date of the CTO, including any annual or interim financial statements, management's discussion and analysis and Chief Executive Officer and Chief Financial Officer certificates that subsequently become due, the filing of the Required Filings will constitute an application to revoke the CTO.