Novelion Therapeutics Announces Issuance of General Cease Trade Order in Canada and Notice of Delisting from Nasdaq
The CTO prohibits the trading by any person of any securities of Novelion in each jurisdiction in
Notice of Delisting from Nasdaq
As reported in Novelion’s press releases dated
The Nasdaq Letter also stated that the Company’s delay in filing its Quarterly Report on Form 10-Q for the quarter ended
The Nasdaq Letter further stated that the Company may appeal the Staff's determination to a Hearings Panel (the “Panel”), pursuant to the procedures set forth in the Nasdaq Listing Rules. If the Company requests a hearing, it may also request an extended stay of the suspension of the trading of the Company’s common stock, pending the hearing. Unless the Company requests an appeal, the Company's common stock will be suspended from trading at the opening of business on August 30, 2019 and a Form 25-NSE will be filed with the SEC, which will remove the Company's common stock from listing and registration on Nasdaq.
The Company intends to appeal the Staff’s decision prior to the deadline to appeal on August 28, 2019 pursuant to the procedures set forth in the Nasdaq Listing Rules, and to request an extended stay of the suspension of the trading of the Company’s common stock in connection therewith. The Company can provide no assurance that the Panel will grant the Company’s request of an extended stay of the suspension of the trading of the Company’s common stock, pending the hearing, or as to the outcome of any appeal or that the Company can maintain compliance with the other Nasdaq Listing Rules and the Company’s securities may still be delisted from Nasdaq.
Cautionary Information Regarding Trading in the Company’s Securities
The Company continues to caution that trading in the Company’s securities is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual value realized, if any, by holders of the Company’s securities. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.
Certain statements in this press release constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable laws and regulations, including U.S. and Canadian securities laws. Any statements contained herein which do not describe historical facts, including, but not limited to, statements regarding beliefs about, or expectations for, the anticipated effect of a CTO on the ability of persons to trade in the securities of Novelion, the anticipated duration of the CTO, Novelion’s anticipated timing for filing the Interim Disclosure, the possibility that Nasdaq may suspend the Company’s common stock from trading and remove the Company’s common stock from listing and registration on Nasdaq and the Company’s intention to appeal the Staff’s decision prior to the applicable deadline, are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Such risks and uncertainties include, among others, the Company’s ability to file the Interim Disclosure and to have the CTO revoked, the delisting of the Company’s securities from Nasdaq and the success of any appeal associated therewith, the possibility that there will be no market for trading the Company’s securities or that trading will be suspended, as well as those risks identified in Novelion’s filings with the SEC, including under the heading “Risk Factors” in Novelion’s Annual Report on Form 10-K for the year ended December 31, 2018, filed on March 15, 2019, as amended, and subsequent filings with the SEC, including its Current Report on Form 8-K filed on May 21, 2019 (which, in addition to identifying important risks, includes important information about the bankruptcy proceedings and related matters), all of which are available on the SEC’s website at www.sec.gov. If the Company’s common stock is delisted from Nasdaq, it may trade in the U.S. on the over-the-counter market, which is a less liquid market. In such case, the Company’s shareholders’ ability to trade, or obtain quotations of the market value of, the Company’s common stock would be severely limited because of lower trading volumes and transaction delays.
Novelion cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Except as required by law, Novelion 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.
Investors and others should note that Novelion communicates with its investors and the public using the Novelion website www.novelion.com, including, but not limited to, company disclosures, investor presentations and FAQs, SEC filings, press releases, public conference call transcripts and webcast transcripts. The information that Novelion posts on this website could be deemed to be material information. As a result, Novelion encourages investors, the media and others interested to review the information that Novelion posts there on a regular basis. The contents of Novelion’s website shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Securities Exchange Act of 1934, as amended.
Michael Price, Executive Vice President and Chief Financial Officer
Novelion Therapeutics Inc.
Source: Novelion Therapeutics, Inc.