OAKVILLE, ON, Dec. 1, 2017 /CNW/ - Concordia International
Corp. ("Concordia" or the "Company") (NASDAQ: CXRX) (TSX: CXR), an
international specialty pharmaceutical company focused on becoming
a leader in European specialty, off-patent medicines, today
announced that on November 29, 2017,
it received an initial notification letter from the Listing
Qualifications Department of the NASDAQ Global Select Market
("Nasdaq") notifying the Company that it had 180 days to regain
compliance with the minimum bid price requirement set forth in
Nasdaq's continued listing rules.
Nasdaq's continued listing rules require that listed securities
maintain a minimum bid price of US$1.00 per share, and that a failure to meet the
minimum bid price requirement exists if the deficiency continues
for a period of 30 consecutive business days.
The Company's common shares traded below a bid price of
US$1.00 for 30 consecutive business
days from October 17, 2017, to
November 28, 2017. As a result, the
Company does not currently meet the minimum bid price
requirement.
The Company's common shares remain listed on Nasdaq and
Concordia has until May 29, 2018, to
regain compliance with the minimum bid price requirement to
maintain the listing.
To regain compliance with the minimum bid price requirement, the
Company's common shares must have a closing bid price of at least
US$1.00 for a minimum of 10
consecutive business days. In the event the Company does not regain
compliance with the minimum bid price requirement by May 29, 2018, Concordia has the option to apply
to Nasdaq for additional time to regain compliance.
The Company's common shares are also listed on the TSX and the
initial notification letter is unrelated to Concordia's continued
listing on the TSX.
About Concordia
Concordia is an international
specialty pharmaceutical company with a diversified portfolio of
more than 200 patented and off-patent products, and sales in more
than 90 countries. Going forward, the Company is focused on
becoming a leader in European specialty, off-patent medicines.
Concordia operates out of facilities in Oakville, Ontario and, through its
subsidiaries, operates out of facilities in Bridgetown, Barbados; London, England and Mumbai, India.
Notice regarding forward-looking statements and
information:
This news release includes forward‐looking
statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and forward‐looking
information within the meaning of Canadian securities laws,
regarding Concordia and its business, which may include, but are
not limited to, statements with respect to Concordia's focus on
becoming a leader in European speciality, off-patent medicines, the
listing of the Company's common shares on Nasdaq and the TSX and
the bid price of such shares, and the ability of the Company to
regain compliance with the Nasdaq listing rules and/or obtain an
extension to regain such compliance. The forward‐looking events and
circumstances discussed in this news release may not occur by
certain dates or at all and could differ materially as a result of
known and unknown risk factors and uncertainties affecting
Concordia, including risks associated with the Company's inability
to regain compliance with Nasdaq listing rules, which could result
in Concordia's common shares being delisted from the Nasdaq and the
liquidity in Concordia's common shares being materially reduced,
Concordia's securities, risks associated with a proposed
recapitalization transaction including the inability to complete a
proposed recapitalization transaction or complete a proposed
recapitalization transaction in a timely or efficient manner, the
inability to reach a consensual transaction with holders of the
Company's debt, the process under the Canada Business
Corporations Act ("CBCA") not providing the protection sought
by Concordia, third parties not complying with the CBCA order and
taking steps against Concordia and its subsidiaries, risks
associated with developing new product indications, increased
indebtedness and leverage, the inability to generate cash flows,
revenues and/or stable margins, the inability to grow organically,
the inability to repay debt and/or satisfy future obligations,
risks associated with Concordia's outstanding debt, risks
associated with the geographic markets in which Concordia operates
and/or distributes its products, risks associated with fluctuations
in exchange rates (including, without limitation, fluctuations in
currencies), risks associated with the use of Concordia's products
to treat certain diseases, the pharmaceutical industry and the
regulation thereof, regulatory investigations, the failure to
comply with applicable laws, risks relating to distribution
arrangements, possible failure to realize the anticipated benefits
of acquisitions and/or product launches, risks associated with the
integration of assets and businesses into Concordia's business,
product launches, the inability to launch products, the fact that
historical and projected financial information may not be
representative of Concordia's future results, the failure to obtain
regulatory approvals, economic factors, market conditions,
acquisition opportunities, risks associated with the acquisition
and/or launch of pharmaceutical products, risks regarding clinical
trials and/or patient enrolment into clinical trials, the equity
and debt markets generally, risks associated with growth and
competition (including, without limitation, with respect to
Concordia's niche, hard‐to‐make products), general economic and
stock market conditions, risks associated with the United Kingdom's exit from the European Union
(including, without limitation, risks associated with regulatory
changes in the pharmaceutical industry, changes in cross‐border
tariff and cost structures and the loss of access to the European
Union global trade markets), risks related to patent infringement
actions, the loss of intellectual property rights, risks and
uncertainties detailed from time to time in Concordia's filings
with the Securities and Exchange Commission and the Canadian
Securities Administrators and many other factors beyond the control
of Concordia. Although Concordia has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward‐looking statements and information, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward‐looking statement or
information can be guaranteed. Except as required by applicable
securities laws, forward‐looking statements and information speak
only as of the date on which they are made and Concordia undertakes
no obligation to publicly update or revise any forward‐looking
statement or information, whether as a result of new information,
future events, or otherwise.
SOURCE Concordia International Corp.