Motif Bio plc Announces Voluntary Delisting from the Nasdaq Capital Market
November 26 2019 - 2:00AM
Motif Bio plc (AIM/Nasdaq: MTFB) ("Motif Bio" or the
"Company") announces that formal notice was given by the Company to
Nasdaq on November 25, 2019 of the intention to voluntarily delist
the Company’s American Depository Shares (ADSs) and listed warrants
from the Nasdaq Capital Market. The Company currently anticipates
that it will file with the Securities and Exchange Commission (the
"SEC") a Form 25, Notification of Removal of Listing and/or
Registration Under Section 12(b) the Exchange Act, relating to the
delisting and deregistration on or about December 5, 2019, with the
delisting of its ADSs and warrants taking effect no earlier than
ten days thereafter. As a result, the Company expects that the last
trading day of its ADSs and warrants on the Nasdaq Capital Market
will be on or about December 16, 2019.
After review and careful consideration of the
administrative burden and costs and benefits of being a
Nasdaq-listed, reporting company, as well as the uncertainties of
the Company being able to re-gain and maintain compliance with the
Nasdaq requirements for continued listing, the Company has made
the decision to voluntarily delist its ADSs and warrants from the
Nasdaq Capital Market. The savings derived from this delisting are
expected to be material.
Further, in the 1st quarter of 2020, the Company
is expected to file a Form 15 with the SEC to suspend the Company's
reporting obligations under Section 15(d) of the Exchange Act
(dependent on it qualifying to do so).
On July 19, the Company announced that it has
received a deficiency notice from Nasdaq indicating that the
Company is currently not in compliance with the minimum Market
Value of Listed Securities (MVLS) standard for continued listing on
the Nasdaq Capital Market as set forth in Nasdaq Marketplace Rule
5550(b)(2), which requires the Company to have a minimum MVLS of
US$35 million for at least 30 consecutive business days. Per
Nasdaq’s regulations, Motif Bio has until January 14, 2020, or 180
calendar days from the date of the notice, to regain compliance
with the exchange's continued listing standard regarding the
minimum MVLS.
On July 26, the Company had announced that it
has received a deficiency notice from Nasdaq indicating that, based
upon a review of Motif Bio’s trading for the last 30 consecutive
business days, the Company no longer meets the minimum bid price
rule for continued listing on the Nasdaq Capital Market. Nasdaq
Marketplace Rule 5550(a)(2) requires Nasdaq-traded American
Depositary Shares (ADSs) to have a minimum bid price of US$1.00.
Per Nasdaq’s regulations, Motif Bio has until January 21, 2020, or
180 calendar days from the date of the notice, to regain compliance
with the exchange's continued listing standard regarding the
minimum MVLS.
The Company also expects to notice Bank of New
York that it is terminating its Depositary Agreement for the
American Depository Shares and the Warrant Agent agreement for the
listed warrants shortly and will provide additional information
when that occurs.
Motif will remain listed on the AIM Market of
the London Stock Exchange. Following the General Meeting on 14
November 2019 the Company is accelerating the wind down or disposal
of Motif Inc, following which it will be re-classified as an AIM
Rule 15 cash shell.
This announcement contains inside information
for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Motif Bio plc |
ir@motifbio.com |
Graham Lumsden (Chief Executive Officer) |
|
|
|
SP Angel Corporate
Finance LLP (NOMAD & BROKER) |
+44 (0)20 3470 0470 |
David Hignell/Caroline Rowe
(Corporate Finance)Vadim Alexandre/Abigail Wayne (Sales &
Broking) |
|
|
|
Walbrook PR Ltd. (UK
FINANCIAL PR & IR) |
+44 (0)20 7933 8780 |
Paul McManus/Lianne
Cawthorne |
motifbio@walbrookpr.com |
|
|
MC Services AG
(EUROPEAN IR) |
+49 (0)89 210 2280 |
Raimund Gabriel |
raimund.gabriel@mc-services.eu |
Forward-Looking StatementsWhen
used in this Press Release, the words or phrases "intends,"
"anticipates," "expected to be" or similar expressions are intended
to identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain risks and uncertainties including, but not
limited to, changes in economic conditions in the Company's market
area, changes in policies by regulatory agencies, fluctuations in
interest rates, competition that could cause actual results to
differ materially from historical earnings and those presently
anticipated or projected, and other risks described in the
Company's filings with the Securities and Exchange Commission. The
Company cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.
The Company advises readers that the factors listed above could
affect the Company's financial performance and could cause the
Company's actual results for future periods to differ materially
from any opinions or statements expressed with respect to future
periods in any current statements. The Company does not undertake,
and specifically disclaims any obligation, to publicly release the
result of any revision which may be made to any forward-looking
statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or
unanticipated events.
Motif Bio (NASDAQ:MTFB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Motif Bio (NASDAQ:MTFB)
Historical Stock Chart
From Apr 2023 to Apr 2024