- Common Shares will be delisted from Nasdaq at the open of
trading on December 23,
2019
- Common Shares expected to be listed and tradable on the
OTCQX Market on December 23, 2019
under the symbol "QTRHF"
- Quarterhill still expects to save approximately
CDN$1.0 million per year from these
developments
KITCHENER, ON, Dec. 18, 2019 /PRNewswire/ - Quarterhill Inc.
("Quarterhill" or the "Company") (TSX: QTRH) (NASDAQ: QTRH) today
announced that further to its press release dated December 3, 2019, and as part of the delisting of
its common shares (the "Common Shares") from the Nasdaq Global
Select Market (the "Nasdaq"), on December
13, 2019 the Company filed a Form 25 with the United States
Securities and Exchange Commission (the "SEC"). As a result of this
filing, the last day of trading for the Company's shares on Nasdaq
will be December 20, 2019 and the
Company's shares will be delisted from Nasdaq at the open of
trading on December 23, 2019.
Since announcing its voluntary delisting from the Nasdaq on
December 3, 2019, the Company has
heard directly from some US shareholders of unexpected challenges
in trading their Common Shares on the Toronto Stock Exchange
("TSX") through certain US broker dealers. These challenges appear
to reflect a lack of familiarity with the TSX by such broker
dealers. As a result, to continue to support its US shareholders,
the Company plans to apply to list its Common Shares on the United
States OTCQX Market. The OTCQX Market is a well-established US
financial market for promising, investor-focused US and
international companies. Subject to completing the application
process, Quarterhill expects its Common Shares to be listed and
tradable on the OTCQX Market as of December
23, 2019 under the symbol "QTRHF".
Quarterhill will continue to comply with all of its Canadian
continuous disclosure and corporate governance obligations and in
addition to its OTCQX listing, the Common Shares will continue to
be listed and traded on the TSX. Notwithstanding listing the Common
Shares on the OTCQX Market, Quarterhill still expects to derive
financially meaningful savings of approximately CDN$1.0 million per year from the delisting of
its Common Shares from the Nasdaq, which is part of the Company's
continued disciplined focus on managing costs for the benefit of
its business and shareholders.
About Quarterhill
Quarterhill is focused on the
disciplined acquisition, management and growth of companies in
dedicated technology areas including, vertical market software and
solutions, intelligent industrial systems, and innovation and
licensing. Quarterhill's emphasis is on seeking out acquisition
opportunities at reasonable valuations that provide a foundation
for recurring revenues, predictable cash flows and margins,
profitable growth, intimate customer relationships and dedicated
management teams. Quarterhill is listed on the TSX and NASDAQ
under the symbol QTRH. For more information:
www.quarterhill.com.
Forward-looking Information
This news release contains
forward-looking statements and forward-looking information within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and other United States and
Canadian securities laws. Forward-looking statements and
forward-looking information are based on estimates and assumptions
made by Quarterhill in light of its experience and its perception
of historical trends, current conditions, expected future
developments and the expected effects of new business strategies,
as well as other factors that Quarterhill believes are appropriate
in the circumstances. Many factors could cause Quarterhill's actual
performance or achievements to differ materially from those
expressed or implied by the forward-looking statements or
forward-looking information. Such factors include, without
limitation, the risks described in Quarterhill's February 28, 2019 annual information form for the
year ended December 31, 2018 (the
"AIF"). Copies of the AIF may be obtained at www.sedar.com
and as part of Quarterhill's Form 40-F for the year ended
December 31, 2018 filed with the U.S.
Securities and Exchange Commission and available at www.sec.gov.
Quarterhill recommends that readers review and consider all of
these risk factors and notes that readers should not place undue
reliance on any of Quarterhill's forward-looking statements.
Quarterhill has no intention, and undertakes no obligation, to
update or revise any forward-looking statements or forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by law.
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SOURCE Quarterhill Inc.