Acasti Intends to Request Hearing Before Nasdaq Panel to Present Plan of Compliance
May 17 2021 - 7:00AM
Acasti Pharma Inc. (“
Acasti” or the
“
Company”) (Nasdaq: ACST and TSX-V: ACST) today
announced that, on May 11, 2021, the Company received notice from
the Nasdaq Listing Qualifications Department (the
“
Staff”) indicating that, based upon the Company’s
non-compliance with the $1.00 bid price requirement set forth in
Nasdaq Listing Rule 5550(a) (the “
Rule”) as of May
10, 2021, the Company’s securities were subject to delisting unless
the Company timely requests a hearing before the Nasdaq Hearings
Panel (the “
Panel”). The Company has previously
disclosed and expected such notification from Nasdaq and believes
it has options to regain compliance, preferably in connection with
its proposed acquisition of Grace Therapeutics, Inc.
(“
Grace”) as is often done in connection with
similar transactions.
The Company plans to timely request a hearing,
which will stay any further action by Nasdaq pending the conclusion
of the hearing process. Importantly, Acasti is prepared to take
definitive action to regain compliance with the Rule and otherwise
ensure the Company’s continued listing on Nasdaq. The Company
understands that Panel hearings are typically scheduled within
30-45 calendar days of an issuer’s request, and in accordance with
the Nasdaq Listing Rules, the Panel has the discretion to grant the
Company an extension through November 8, 2021 to regain compliance
with the Rule.
At the hearing, the Company will present a
detailed plan of compliance for the Panel’s consideration, which
will include the Company’s commitment to implement a share
consolidation if needed to evidence compliance with the Rule.
Should the Company determine that a share consolidation is
necessary or otherwise advisable, the Company would likely take
such action concurrent with the completion of its proposed
acquisition of Grace.
The Company plans to issue an update with
respect to the Nasdaq hearings process as soon as substantive
updates are available.
About Acasti Acasti is a biopharmaceutical
innovator that has historically focused on the research,
development and commercialization of prescription drugs using OM3
fatty acids delivered both as free fatty acids and
bound-to-phospholipid esters, derived from krill oil. OM3 fatty
acids have extensive clinical evidence of safety and efficacy in
lowering triglycerides in patients with hypertriglyceridemia, or
HTG. CaPre, an OM3 phospholipid therapeutic, was being developed
for patients with severe HTG.
Cautionary Statement Regarding Forward-Looking
Statements
Statements in this press release that are not
statements of historical or current fact constitute
“forward-looking information” within the meaning of Canadian
securities laws and “forward-looking statements” within the meaning
of U.S. federal securities laws (collectively, “forward-looking
statements”). Such forward-looking statements involve known and
unknown risks, uncertainties, and other unknown factors that could
cause the actual results of Acasti to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms “believes,” “belief,”
“expects,” “intends,” “anticipates,” “potential,” “should,” “may,”
“will,” “plans,” “continue”, “targeted” or other similar
expressions to be uncertain and forward-looking. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Forward-looking statements in this press release include, but are
not limited to, statements relating to Acasti’s ability to obtain a
further extension from the Panel and its ability to evidence
compliance with the Nasdaq Rule within any extension period that
may be granted by the Panel.
The forward-looking statements contained in this
press release are expressly qualified in their entirety by this
cautionary statement, the “Special Note Regarding Forward-Looking
Statements” section contained in Acasti’s latest annual report on
Form 10-K and quarterly report on Form 10-Q, which are available on
EDGAR at www.sec.gov/edgar, on SEDAR at www.sedar.com and on the
investor section of Acasti’s website at www.acastipharma.com. All
forward-looking statements in this press release are made as of the
date of this press release. Acasti does not undertake to update any
such forward-looking statements whether as a result of new
information, future events or otherwise, except as required by law.
The forward-looking statements contained herein are also subject
generally to assumptions and risks and uncertainties that are
described from time to time in Acasti’s public securities filings
with the Securities and Exchange Commission and the Canadian
securities commissions, including Acasti’s latest annual report on
Form 10-K and quarterly report on Form 10-Q under the caption “Risk
Factors”.
Neither NASDAQ, the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Acasti Contact:Jan D’AlviseChief Executive
Officer Tel: 450-686-4555Email:
info@acastipharma.comwww.acastipharma.com
Investor Contact:Crescendo
Communications, LLC Tel: 212-671-1020Email:
ACST@crescendo-ir.com
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