Theratechnologies Announces Intent to Voluntarily Delist from NASDAQ
MONTREAL, CANADA -- (Marketwire) -- 01/14/13 -- 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".
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 S
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
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.
NATIONAL Public Relations
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