Aeterna Zentaris Receives Nasdaq Notification Regarding Minimum Bid Price Compliance; No Immediate Impact on Listing
29 July 2021 - 10:05PM
Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) (“Aeterna” or the
“Company”), a specialty biopharmaceutical company developing and
commercializing a diversified portfolio of pharmaceutical and
diagnostic products, today announced that on July 28, 2021, the
Company received notice from the Listing Qualifications Department
(the “Staff”) of The Nasdaq Stock Market LLC ("Nasdaq") indicating
that, based upon a closing bid price of less than $1.00 per share
for the Company’s common stock for the prior 30 consecutive
business day period, the Company no longer satisfies Nasdaq Listing
Rule 5550(a)(2) (the “Rule”).
In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company has been provided a grace period of 180
calendar days, through January 24, 2022, to evidence compliance
with the Rule. To evidence compliance with the Rule, the Company
must evidence a closing bid price of at least $1.00 per share for a
minimum of 10 consecutive business days on or before January 24,
2022. In the event the Company does not timely evidence compliance
with the Rule, the Company may be eligible for an additional
180-day grace period or may face delisting. In the latter case, the
Company would be entitled to request a hearing before the Nasdaq
Hearings Panel, which request would stay any delisting action by
the Staff pending completion of the hearing process.
The Company's business operations are not
affected by the receipt of the Nasdaq notice.
Nasdaq’s notice has no immediate effect on the
listing of the Company’s common shares on Nasdaq and does not
otherwise impact the Company’s listing on the Toronto Stock
Exchange. The Company is considering the options available to it to
evidence compliance with the Rule prior to the expiration of the
grace period.
About Aeterna Zentaris Inc.
Aeterna Zentaris is a specialty
biopharmaceutical company developing and commercializing a
diversified portfolio of pharmaceutical and diagnostic products
focused on areas of significant unmet medical need. The Company’s
lead product, macimorelin (Macrilen™), is the first and only U.S.
FDA and European Commission approved oral test indicated for the
diagnosis of adult growth hormone deficiency (AGHD). The Company is
leveraging the clinical success and compelling safety profile of
macimorelin to develop it for the diagnosis of childhood-onset
growth hormone deficiency (CGHD) in collaboration with Novo
Nordisk.
Aeterna Zentaris is dedicated to the development
of therapeutic assets and has recently taken steps to establish a
growing preclinical pipeline to potentially address unmet medical
needs across a number of indications, including neuromyelitis
optica spectrum disorder (NMOSD), hypoparathyroidism and
amyotrophic lateral sclerosis (ALS; Lou Gehrig’s disease).
Additionally, the Company is developing an oral prophylactic
bacterial vaccine against SARS-CoV-2, the virus that causes
COVID-19.
For more information, please visit
www.zentaris.com and connect with the Company on Twitter, LinkedIn
and Facebook.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 and Private Securities Litigation Reform Act, as
amended, including those relating to the Company's ability to
regain compliance with the minimum bid price requirement, the
impact of Nasdaq’s notice on the listing of the Company’s common
shares on Nasdaq and the Toronto Stock Exchange and the Company’s
ability to meet the minimum stockholders’ equity requirement for
continued listing under Nasdaq Listing Rule 5550(b)(3). These
forward-looking statements are based on current expectations,
estimates, forecasts and projections about the industry and markets
in which we operate and management's current beliefs and
assumptions.
These statements may be identified by the use of
forward-looking expressions, including, but not limited to,
"expect," "anticipate," "intend," "plan," "believe," "estimate,"
"potential, "predict," "project," "should," "would" and similar
expressions and the negatives of those terms. These statements
relate to future events or our financial performance and involve
known and unknown risks, uncertainties, and other factors which may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include those set forth in the Company's filings with the
Securities and Exchange Commission. Prospective investors are
cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this press release.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Investor Contact:
Jenene ThomasJTC TeamT (US): +1 (833) 475-8247E:
aezs@jtcir.com
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