XTL Biopharmaceuticals Ltd. Receives Notification of Delisting Determination by NASDAQ Listing Qualifications Panel
16 April 2009 - 9:44PM
PR Newswire (US)
REHOVOT, Israel, April 16 /PRNewswire-FirstCall/ -- XTL
Biopharmaceuticals Ltd. (NASDAQ:XTLBNASDAQ:TASE:NASDAQ:XTL) today
announced that on April 15, 2009, it received notification from The
Nasdaq Stock Market ("Nasdaq") that the Nasdaq Listing
Qualifications Panel (the "Panel") has determined that the
Company's American Depository Shares ("ADRs") will be delisted.
Nasdaq will suspend trading in the Company's ADRs at the opening of
trading on April 17, 2009. Nasdaq's determination to delist the
ADRs is based on Nasdaq's belief that the Company is a public shell
and that the Company does not meet the stockholder's equity
requirement or any of its alternatives. The Company now expects to
be quoted on the Pink Sheets, an electronic quotation service
maintained by Pink Sheets LLC, or on the OTC Bulletin Board(R), a
regulated quotation service for over-the-counter securities,
provided one or more market makers apply to quote the Company's
securities. As previously announced, on January 27, 2009, the
Company received a Staff Determination Letter (the "Letter") from
The Nasdaq notifying the Company that the staff of Nasdaq's Listing
Qualifications Department (the "Staff") determined, using its
discretionary authority under Nasdaq Marketplace Rule 4300, that
the Company's ADRs would be delisted from Nasdaq. On February 3,
2009, the Company appealed the Staff's delisting determination,
which stayed the delisting process until a hearing was held before
the Panel and the Panel delivered a decision. The hearing was held
on March 19, 2009. The Panel thereafter ruled to proceed with the
delisting process. ABOUT XTL BIOPHARMACEUTICALS LTD. XTL
Biopharmaceuticals Ltd. ("XTL") is engaged in the acquisition,
development and commercialization of therapeutics for the treatment
of multiple myeloma and hepatitis C. XTL will be developing rHuEPO
for the treatment of multiple myeloma. XTL is publicly traded on
the NASDAQ and Tel-Aviv Stock Exchanges (NASDAQ:XTLB)(TASE:XTL).
Cautionary Statement Some of the statements included in this press
release, particularly those anticipating future quotation of our
securities, may be forward-looking statements that involve a number
of risks and uncertainties. For those statements, we claim the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
DATASOURCE: XTL Biopharmaceuticals Ltd. CONTACT: David Grossman,
Chief Executive Officer of XTL Biopharmaceuticals Ltd.,
+972-8-930-4411
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