The game was announced with its first teaser on November 7, 2020, which was meant to let fans know that the game would have a sequel. 
Some time later, on December 10, 2020, a full‑fledged teaser was shown at The Game Awards 2020. 
Fans of the game had been waiting all these years not so much for news about the game’s release as for news that the game would move from the pre‑development stage to the development stage. But the closure of the BioWare studio after the company was sold permanently deprived fans of any hope that this idea would be realized. 
They tolerated all the studio’s decisions that led to delays in the game’s development. When the studio decided to release Mass Effect: Andromeda, trying to expand the game’s concept and move away from the franchise’s ideas. When the company, which was already shifting its focus to server‑based games, released Anthem. When the company decided to release Dragon Age: The Veilguard first. 
The game was in the pre‑development stage for 6 years and may never have moved beyond the concept. 
The closure of BioWare, a studio that, over its existence, set new standards for storytelling, character development, and freedom of choice and action in games. A studio that helped revive the role‑playing game genre thanks to Baldur's Gate. A studio that created several of the most powerful independent franchises, such as Dragon Age and Mass Effect.
Their Metacritic ratings:
Mass Effect — 88
Mass Effect 2 — 95
Mass Effect 3 — 92
All these games are quite good. 
Therefore, taking into account the fact that the company still holds the rights to the iconic franchise, there is hope and a possibility that a new installment of Mass Effect (Mass Effect 5) could be revived.
The company may transfer or sell the rights to a studio or company that will be able to bring the conceived idea to life.

This petition is addressed to EA (Electronic Arts)

https://www.ea.com