YORK, Pa., Sept. 23, 2016 /PRNewswire/ -- Unilife
Corporation ("Unilife" or "Company") (NASDAQ: UNIS; ASX: UNS)
announced today that it has received a letter (the "NASDAQ letter")
from The NASDAQ Stock Market LLC ("NASDAQ") notifying the Company
that it is not in compliance with NASDAQ Listing Rule 5250(c)(1)
because it has not filed its Annual Report on Form 10-K for the
period ended June 30, 2016 (the "Form
10-K") in a timely manner with the Securities and Exchange
Commission (the "SEC"). NASDAQ Listing Rule 5250(c)(1)
requires listed companies to timely file all required periodic
financial reports with the SEC.
In addition, as previously disclosed, the Company is required
under a listing rule of the Australian Securities Exchange ("ASX")
to file audited financial statements with ASX no later than
September 30, 2016 (the "ASX
Deadline"). The Company applied for a waiver of this
rule and ASX denied such waiver request. If the Company does
not file such audited financial statements by the ASX Deadline,
trading in the Company's CHESS Depositary Interests ("CDIs") on the
ASX will be suspended immediately prior to opening of trading on
ASX on October 3, 2016 in
Australia and such trading will
not resume until the Company files its audited financial statements
with the ASX. If trading of the Company's CDIs is suspended
on the ASX, NASDAQ has informed the Company that it will halt
trading of its common stock on NASDAQ at least until trading of the
Company's CDIs resumes on the ASX.
As previously disclosed, the Company has not timely filed its
Quarterly Report on Form 10-Q for the period ended March 31, 2016. As a result, the Company
submitted a plan (the "Original Compliance Plan") to NASDAQ as to
how it plans to regain compliance with NASDAQ's continued listing
requirements. NASDAQ subsequently granted the Company an
exception until November 7, 2016 (the
"Filing Deadline") to regain compliance with NASDAQ Listing Rule
5250(c)(1).
The NASDAQ letter, which is dated September 19, 2016, requires the Company to
submit to NASDAQ an update to the Original Compliance Plan no later
than October 4, 2016, which update
must include the Company's plans to file the Form 10-K and indicate
the progress the Company has made towards implementing the Original
Compliance Plan.
The Company currently intends to file both the Form 10-Q and the
Form 10-K in advance of expiration of the November 7, 2016 deadline. The NASDAQ letter has
no immediate effect on the listing of the Company's common stock on
the NASDAQ Global Market.
About Unilife Corporation
Unilife
Corporation (NASDAQ:UNIS / ASX: UNS) is a U.S. based developer
and commercial supplier of injectable drug delivery
systems. Unilife has a portfolio of innovative, differentiated
products with a primary focus on wearable injectors. Products
within each platform are customizable to address specific customer,
drug and patient requirements. Unilife's global
headquarters and manufacturing facilities are located in York,
PA. For more information, visit www.unilife.com.
General: UNIS-G
Investor Contact (US):
Jeremy Feffer
Unilife Corporation
+1-717-384-3450
investors@unilife.com
Investor Contact (Australia):
Jeff Carter
Unilife Corporation
+61 2 8346 6500
Forward-Looking Statements
This press release contains
forward-looking statements. All statements that address operating
performance, events or developments that we expect or anticipate
will occur in the future are forward-looking statements. These
forward-looking statements are based on management's beliefs and
assumptions and on information currently available to our
management. Our management believes that these forward-looking
statements are reasonable as and when made. However, you should not
place undue reliance on any such forward-looking statements because
such statements speak only as of the date when made. We do not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. In addition,
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results, events and
developments to differ materially from our historical experience
and our present expectations or projections. Such risks include,
but are not limited to, the impact of the delay in the Company's
completion of the filing of the Form 10-Q and the Form 10-K;
negative reactions from the Company's creditors, stockholders,
strategic partners or customers to the financial information of the
Company ultimately filed with the SEC in the Form 10-Q, the Form
10-K or in other disclosures of the Company; the Company's ability
to comply with or obtain waivers under the Company's debt
instruments; that the Company will be unable to file the audited
financial statements with the ASX by September 30, 2016; that trading of the Company's
CDIs will be suspended from trading on the ASX and trading of the
Company's common stock will be halted from trading on NASDAQ;
that, following any such halt in trading by NASDAQ, that NASDAQ may
not permit trading of the Company's common stock to promptly resume
following a resumption of trading of the Company's CDIs on the ASX;
that the Company will be unable to timely submit to NASDAQ an
update to the Original Compliance Plan or, if timely submitted,
that such update will be unacceptable to NASDAQ, which may result
in the Company's common stock being delisted from trading on
NASDAQ; that the Company will be unable to file the Form 10-Q and
the Form 10-K with the SEC by November 7,
2016 or otherwise regain compliance with the NASDAQ listing
requirements and that its common stock will be delisted from
trading on NASDAQ; and the financial impact to the Company as a
result of the foregoing. Additional risks and uncertainties
include, but are not limited to, those described in the "Risk
Factors" set forth in the prospectus supplement, dated
February 22, 2016, in "Item 1A. Risk Factors" and elsewhere in
our Annual Report on Form 10-K, and those described from time to
time in other reports which we file with the Securities and
Exchange Commission.
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SOURCE Unilife Corporation