Theratechnologies Announces Intent to Voluntarily Delist from NASDAQ
14 January 2013 - 10:54PM
Marketwired
Theratechnologies Inc. (TSX:TH) (NASDAQ:THER) announced today that
it intends to seek a voluntary delisting from the NASDAQ Global
Market (NASDAQ).
On August 7, 2012, the Company received a letter from NASDAQ
stating that for the prior 30 consecutive business days, the bid
price of its common shares had closed below the minimum $1.00 per
share requirement for continued listing on the NASDAQ. The letter
further stated that the Company had been provided a period of 180
calendar days, or until February 4, 2013, to regain compliance. The
Company is currently not in compliance with such minimum bid price
requirement.
The voluntary decision to delist from NASDAQ was taken following
the Board of Director's detailed review of numerous factors
including: the aforementioned NASDAQ letter, the applicable NASDAQ
rules and regulations, the benefits generated by the maintenance of
the listing, the current Company's share price, the obligation to
proceed with a reverse stock-split to maintain the listing, the
effect on the Company's share price and shareholdings to proceed
with a reverse stock split and the fact that the Company's common
shares will continue trading on the Toronto Stock Exchange under
the symbol "TH". Based on the foregoing factors, the Company no
longer sees sufficient value in maintaining its listing on
NASDAQ.
The Company intends to file a Form 25 with the Securities and
Exchange Commission (SEC) on or about January 24, 2013 to commence
the NASDAQ delisting process. It is expected that the delisting
will take effect as of the close of trading in New York, N.Y, on
February 4, 2013. Following delisting, the Company's common shares
will no longer trade on NASDAQ under the symbol "THER" but will
continue trading on the Toronto Stock Exchange under the symbol
"TH".
About Theratechnologies
Theratechnologies (TSX:TH) (NASDAQ:THER) is a specialty
pharmaceutical company that discovers and develops innovative
therapeutic peptide products, with an emphasis on growth-hormone
releasing factor peptides. Further information about
Theratechnologies is available on the Company's website at
www.theratech.com, on SEDAR at www.sedar.com and on the SEC's
website at www.sec.gov.
Forward-Looking Information
This press release contains certain statements that are
considered "forward-looking information" within the meaning of
applicable securities legislation, which statements may contain
such words as "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions. This forward-looking information includes, but is not
limited to, information regarding the date of the filing of a Form
25 with the SEC and the date the delisting of the Company's common
shares will take place.
Forward-looking information is based upon a number of
assumptions and is subject to a number of risks and uncertainties,
many of which are beyond Theratechnologies' control that could
cause actual results to differ materially from those that are
disclosed in or implied by such forward-looking information. These
assumptions include, but are not limited to, the fact that no
unforeseen event will delay the preparation and filing of the Form
25 and such Form 25, when filed, will be accepted by the SEC. These
risks and uncertainties include, but are not limited to, the risk
that unforeseen events occur and delay the preparation and filing
of the Form 25 and that the SEC does not accept or requires
amendments to the Form 25 resulting in a delay in the delisting of
the Company's common shares.
Theratechnologies refers potential investors to the "Risk
Factors" section of its Annual Information Form (AIF) dated
February 27, 2012. The AIF is available at www.sedar.com and at
www.sec.gov under Theratechnologies' public filings. The reader is
cautioned to consider these and other risks and uncertainties
carefully and not to put undue reliance on forward-looking
statements. Forward-looking information reflects current
expectations regarding future events and speaks only as of the date
of this press release and represents Theratechnologies'
expectations as of that date.
Theratechnologies undertakes no obligation to update or revise
the information contained in this press release, whether as a
result of new information, future events or circumstances or
otherwise, except as may be required by applicable law.
Contacts: NATIONAL Public Relations Roch Landriault
514-843-2345
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