VAUGHAN, ON, Dec. 10, 2019 /PRNewswire/ - CannTrust Holdings
Inc. ("CannTrust" or the "Company", TSX: TRST, NYSE: CTST)
announced today that on December 9,
2019, the Company received written notification from the New
York Stock Exchange (the "NYSE") that CannTrust is no longer in
compliance with the NYSE's continued listing standard rules because
the per share trading price of the Company's common shares has
fallen below the NYSE's share price rule. The NYSE requires
the average closing price of a listed company's common shares to be
at least US $1.00 per share over a
consecutive 30 trading-day period. As of December 9, 2019, the 30 trading-day average
closing price of the Company's common shares was US $0.97.
In accordance with the NYSE's rules, CannTrust has six months
from the receipt of the notice to regain compliance. During this
time period, the Company's common shares will continue to be listed
and trade on the NYSE as usual.
Under NYSE rules, CannTrust can regain compliance at any time
during the six-month period if its common shares have a closing
price of at least US $1.00 on the last trading day of any
calendar month during the period and also have an average closing
price of at least US $1.00 over the 30 trading-day period
ending on the last trading day of that month or on the last day of
the cure period.
Forward-Looking Statements
This press release contains "forward-looking information" within
the meaning of Canadian Securities laws and "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and other applicable
United States safe harbor laws,
and such statements are based upon CannTrust's current internal
expectations, estimates, projections, assumptions and beliefs and
views of future events. Forward-looking information and
forward-looking statements can be identified by the use of
forward-looking terminology such as "believes", "expect", "likely",
"may", "will", "should", "intend", "anticipate", "potential",
"proposed", "estimate" and other similar words, including negative
and grammatical variations thereof, or statements that certain
events or conditions "may", "would" or "will" happen, or by
discussions of strategy.
Forward-looking information and statements necessarily involve
known and unknown risks, including, without limitation: actions
taken in respect of the Company's products by its customers and
regulators; results of Health Canada's investigation, including
orders and compliance measures required by Health Canada and their
impact on the operations, inventory, assets and financial condition
of the Company; the Company's implementation of remediation plans
and related actions; regulatory approval; risks associated with
general economic conditions; adverse industry events; loss of
markets; future legislative and regulatory developments in
Canada, the United States and elsewhere; the cannabis
industry in Canada generally; and,
the ability of CannTrust to implement its business strategies.
Any forward-looking information and statements speak only as of
the date on which they are made, and, except as required by law,
CannTrust does not undertake any obligation to update or revise any
forward-looking information or statements, whether as a result of
new information, future events or otherwise. New factors emerge
from time to time, and it is not possible for CannTrust to predict
all such factors. When considering these forward-looking
information and statements, readers should keep in mind the risk
factors and other cautionary statements in CannTrust's Annual
Information Form dated March 28, 2019
(the "AIF") and filed with the applicable Canadian securities
regulatory authorities on SEDAR at www.sedar.com and filed as an
exhibit CannTrust's Form 40-F annual report under the United States
Securities Exchange Act of 1934, as amended, with the United States
Securities and Exchange Commission on EDGAR at www.sec.gov. The
risk factors and other factors noted in the AIF could cause actual
events or results to differ materially from those described in any
forward-looking information or statements.
The TSX and NYSE do not accept responsibility for the adequacy
or accuracy of this release.
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SOURCE CannTrust Holdings Inc.