INCLINE VILLAGE, Nev.,
Dec. 8, 2020 /PRNewswire/ -- PDL
BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI) today
announced that it has formally notified The Nasdaq Stock Market,
Inc. of its intent to delist the Company's common stock from the
Nasdaq Global Select Market ("Nasdaq"). PDL expects to file a
Form 25 (Notification of Removal from Listing) with the Securities
and Exchange Commission (the "SEC") and Nasdaq relating to the
voluntary delisting of its common stock on or about December 28, 2020 and to suspend trading of its
common stock on the Nasdaq Global Select Market prior to the
opening of trading on December 31,
2020. PDL does not expect that a trading market will
develop for its common stock following suspension of trading on
Nasdaq. PDL intends to file a certificate of dissolution with
the Delaware Secretary of State on
or about January 4, 2021 and close
its stock transfer books at the close of business on this date.
The official delisting of PDL's common stock will be
effective on or about January 7, 2021
– 10 days after the filing of the Form 25.
PDL also intends to file a Form 15 with the SEC as soon as
practicable following the effectiveness of the delisting to
indefinitely suspend its reporting obligations under the Securities
Exchange Act of 1934, as amended. The suspension of PDL's
reporting obligations, including the obligation to file Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K, will be effective upon filing the Form 15.
PDL does however intend to file its Annual Report on Form
10-K for the fiscal year ended December 31,
2020 in March 2021.
The voluntary delisting and deregistration are part of PDL's
previously announced voluntary Plan of Dissolution that was
approved by the Board of Directors in February 2020 and at the Annual Meeting of the
Company's stockholders on August 19,
2020. The Company's Board of Directors considered a
number of factors in determining to delist and deregister PDL's
common stock, including the costs and expenses associated with
being a publicly traded company, the auditing, legal and other
costs associated with continuing to make SEC filings, and the
burdens placed on Company management to comply with the continued
listing and reporting requirements, all in light of the Company's
planned dissolution and liquidation.
About PDL Biopharma, Inc.
Throughout its history,
PDL's mission has been to improve the lives of patients by aiding
in the successful development of innovative therapeutics and
healthcare technologies. PDL BioPharma was founded in 1986 as
Protein Design Labs, Inc. when it pioneered the humanization of
monoclonal antibodies, enabling the discovery of a new generation
of targeted treatments that have had a profound impact on patients
living with different cancers as well as a variety of other
debilitating diseases. In 2006, the Company changed its name
to PDL BioPharma, Inc.
On August 19, 2020, PDL announced
at the Company's 2020 Annual Meeting of Stockholders approval by
stockholders for a Plan of Dissolution authorizing the Company to
liquidate and dissolve the Company in accordance with the Plan of
Dissolution. At its November 5,
2020 meeting, the Board resolved that the Certificate of
Dissolution will be filed on January 4,
2021.
For more information please visit https://www.pdl.com/
NOTE: PDL, PDL BioPharma, the PDL logo and associated logos and
the PDL BioPharma logo are trademarks or registered trademarks of,
and are proprietary to, PDL BioPharma, Inc. which reserves all
rights therein.
Forward-Looking and Cautionary Statements
This press
release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
statements regarding the Company's Plan of Dissolution,
dissolution, wind-down of operations and the delisting and
deregistration of the Company's common stock. Each of these
forward-looking statements involves risks and uncertainties.
Actual results may differ materially from those, express or
implied, in these forward-looking statements. Important
factors that could impair the value of the Company's assets and
business, including the implementation or success of the Company's
monetization strategy/Plan of Dissolution, are disclosed in the
risk factors contained in the Company's Annual Report on Form 10-K,
filed with the SEC on March 11, 2020,
in the Company's Quarterly Reports on Form 10-Q filed with the
Securities and Exchange Commission on May
11, 2020, August 10, 2020 and
November 13, 2020 and in the
Company's Definitive Proxy Statement on Schedule 14A filed with the
SEC on July 7, 2020. All
forward-looking statements are expressly qualified in their
entirety by such factors. We do not undertake any duty to update
any forward-looking statement except as required by law.
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SOURCE PDL BioPharma, Inc.