Burcon NutraScience Announces Receipt of Nasdaq Letter Regarding Deficiency in Compliance With Certain Listing Rules
August 25 2017 - 4:26PM
Burcon NutraScience Corporation (TSX:BU) (NASDAQ:BUR) (“Burcon” or
the “Company”), a leader in developing functionally and
nutritionally valuable plant-based proteins, announced that,
further to the Company’s news release on June 14, 2017, the
Company received a second letter on August 21, 2017 from the
Listings Qualifications Department of the Nasdaq Stock Market LLC
("Nasdaq") notifying the Company that it is not in compliance with
Listing Rule 5450 (a)(1), which requires the listed securities of
the Company to maintain a minimum bid price of US$1 per
share. The Company has not met this requirement for a period
of 30 consecutive business days. The Nasdaq notification
letter does not result in the immediate delisting of the Company's
common shares, and the shares will continue to trade uninterrupted
under the symbol "BUR."
The Company has a compliance period of 180
calendar days, or until February 19, 2018, to regain compliance
with Nasdaq's minimum bid price requirement. If at any time during
the compliance period the Company’s closing bid price is at least
US$1 for a minimum of 10 consecutive business days, Nasdaq will
provide Burcon with a written confirmation of compliance and the
matter will be closed.
Burcon’s management is reviewing various options
available to the Company, including regaining compliance and
continued listing on The Nasdaq Global Market or applying for a
transfer to The Nasdaq Capital Market.
About Burcon NutraScience Corporation
Burcon NutraScience is a leader in developing
functionally and nutritionally valuable plant- based proteins. The
company has developed a portfolio of composition, application, and
process patents originating from a core protein extraction and
purification technology. Burcon’s CLARISOY™ soy protein
offers clarity and high-quality protein nutrition for low pH
beverage systems and excellent solubility and exceptionally clean
flavor at any pH; Peazazz® is a uniquely soluble and clean-tasting
pea protein; and Puratein®, Supertein® and Nutratein® are canola
protein isolates with unique functional and nutritional attributes.
For more information about the company, visit www.burcon.ca.
The TSX has not reviewed and does not accept
responsibility for the adequacy of the content of the information
contained herein. This press release contains forward-looking
statements or forward-looking information within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities legislation. Forward-looking
statements or forward-looking information involve risks,
uncertainties and other factors that could cause actual results,
performances, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Forward- looking statements or forward-looking information can be
identified by words such as “anticipate,” “intend,” “plan,” “goal,”
“project,” “estimate,” “expect,” “believe”, “future,” “likely,”
“may,” “should,” “could”, “will” and similar references to future
periods. All statements other than statements of historical fact
included in this release are forward-looking statements, including,
without limitation, statements regarding the ability of the Company
to regain compliance with the requirements of The Nasdaq Global
Market or its intention or ability to transfer to The Nasdaq
Capital Market and other expectations, intentions and plans
contained in this press release. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements or information. Important factors that could cause
actual results to differ materially from Burcon’s plans and
expectations include the actual results of business negotiations,
marketing activities, adverse general economic, market or business
conditions, regulatory changes and other risks and factors detailed
herein and from time to time in the filings made by Burcon with
securities regulators and stock exchanges, including in the section
entitled “Risk Factors” in Burcon’s annual information form dated
June 21, 2017 filed with the Canadian securities administrators on
www.sedar.com and contained in Burcon’s 20-F filed with the
U.S. Securities and Exchange Commission on www.sec.gov. Any
forward-looking statement or information only speaks as of the date
on which it was made and, except as may be required by applicable
securities laws, Burcon disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new
information, future events or otherwise. Although Burcon believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance, and accordingly, investors should not rely on such
statements.
CLARISOY is a trademark of Archer Daniels Midland Company.
Media & Industry Contact:
Paul Lam
Manager, Business Development
Burcon NutraScience Corporation
Tel (604) 733-0896, Toll-free (888) 408-7960
plam@burcon.ca
www.burcon.ca
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