Burcon NutraScience Announces Receipt of NASDAQ Letters Regarding Delisting and Deficiency in Compliance With Certain Listing...
December 12 2017 - 4:14PM
Burcon NutraScience Corporation (TSX:BU) (NASDAQ:BUR) (“Burcon” or
the “Company”), a leader in developing functionally and
nutritionally valuable plant-based proteins, announced that on
December 6, 2017, the Company received a notification from
the Listing Qualifications Department of The NASDAQ Stock Market
LLC ("NASDAQ") stating that the Company did not meet NASDAQ's
December 5, 2017 deadline to regain compliance with NASDAQ Listing
Rule 5450(b)(2)(A), which requires a minimum market value of its
listed securities to be at US$50 million.
The NASDAQ letter states that Company’s
securities will be delisted from NASDAQ at the opening of business
on December 15, 2017 unless the Company submits a request for an
appeal of the determination to the NASDAQ Hearing Panel (the
“Panel”) by December 13, 2017. The Company intends to submit
this request to appeal prior to that deadline. The submission
will stay any suspension of trading in the Company's securities
pending the Panel’s decision.
In addition to the delisting notice, the Company
received a second letter from NASDAQ notifying the Company that it
is not in compliance with Listing Rule 5450 (b)(2)(C), which
requires the listed securities of the Company to maintain a minimum
market value of publicly held shares of US$15 million. 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 June 4, 2018, to regain compliance with
NASDAQ's minimum market value of publicly held shares. If at any
time during the compliance period the Company’s minimum value of
publicly held shares is at least US$15 million 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 LamManager, Business DevelopmentBurcon NutraScience
CorporationTel (604) 733-0896, Toll-free (888)
408-7960plam@burcon.cawww.burcon.ca
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