Spectra7 Announces Voluntary Delisting Application from the TSX in Conjunction With Listing Application on the TSX Venture Ex...
January 13 2020 - 9:00AM
Business Wire
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(TSX:SEV) Spectra7 Microsystems Inc. (“Spectra7” or the
“Company”), a leading provider of high-performance analog
semiconductor products for broadband connectivity markets,
announces that pursuant to Part VII, Section 720 of the Toronto
Stock Exchange (the "TSX") Company Manual (the "Manual"), it has
submitted an application to the TSX for voluntary delisting (the
"Voluntary Delisting Application") of the Company's common shares
("Common Shares") from the TSX in conjunction with having submitted
an application to list Spectra7’s Common Shares (the "Listing
Application") on the TSX Venture Exchange (the "TSX-V"). The
Voluntary Delisting Application is subject to TSX approval and the
Listing Application is subject to TSX-V approval.
On August 19, 2019, the TSX approved the Company’s previously
announced application for exemption from the shareholder approval
requirements in connection with the Company’s private placement on
the basis of financial hardship and, as a result, the Company
became subject to a remedial delisting review by the TSX. It is
routine for the TSX to require any issuer utilizing the financial
hardship exemption to be the subject of such review.
Pursuant to Part VII of the Manual, the board of directors of
the Corporation has: (i) reviewed the TSX eligibility for listing
requirements as outlined in the Manual in relation to the
Corporation's recent share price and trading activity on the TSX as
well as its current operational and financial activities; (ii)
considered the Corporation's alternatives; and (iii) authorized
management to prepare a Listing Application to the TSX-V, which the
Company submitted on December 18, 2019.
The Voluntary Delisting Application is being made in conjunction
with and is subject to Spectra7 receiving approval from the TSX-V
of its Listing Application, confirming that the Company meets the
TSX-V eligibility for listing criteria. There is no guarantee the
TSX-V will approve Spectra7's Listing Application. If Spectra7's
Listing Application is approved by the TSX-V, it is Spectra7's
intention to take all reasonable and prudent steps, as required and
with assistance from and cooperation with the TSX and TSX-V, to
list the Corporation's Common Shares on the TSX-V without
interruption or delay. As a result, the Company is unable to
provide delisting/listing dates at this time, but will provide
updates once further information is available.
Security holder approvals of the Voluntary Delisting Application
and the Listing Application are not required.
ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high performance analog
semiconductor company delivering unprecedented bandwidth, speed and
resolution to enable disruptive industrial design for leading
electronics manufacturers in virtual reality, augmented reality,
mixed reality, data centers and other connectivity markets.
Spectra7 is based in San Jose, California with design centers in
Cork, Ireland and Little Rock, Arkansas. For more information,
please visit www.spectra7.com.
CAUTIONARY NOTES
Certain statements contained in this press release constitute
"forward-looking statements". All statements other than statements
of historical fact contained in this press release, including,
without limitation, those regarding the anticipated monetization of
the Company’s patent portfolio and patent financing strategies, and
the Company’s strategy, plans, objectives, goals and targets, and
any statements preceded by, followed by or that include the words
"believe", "expect", "aim", "intend", "plan", "continue", "will",
"may", "would", "anticipate", "estimate", "forecast", "predict",
"project", "seek", "should" or similar expressions or the negative
thereof, are forward-looking statements. These statements are not
historical facts but instead represent only the Company's
expectations, estimates and projections regarding future events.
These statements are not guarantees of future performance and
involve assumptions, risks and uncertainties that are difficult to
predict. Therefore, actual results may differ materially from what
is expressed, implied or forecasted in such forward-looking
statements. Additional factors that could cause actual results,
performance or achievements to differ materially include, but are
not limited to the risk factors discussed in the Company's annual
MD&A for the year ended December 31, 2018 and the Company’s
short form prospectus dated August 9, 2019. Management provides
forward-looking statements because it believes they provide useful
information to investors when considering their investment
objectives and cautions investors not to place undue reliance on
forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200113005210/en/
Spectra7 Microsystems Inc. James Bergeron Investor Relations
289-512-0541 ir@spectra7.com
Spectra7 Microsystems Inc. Darren Ma Chief Financial Officer
669-284-3170 pr@spectra7.com