Aeterna Zentaris Receives Notification From Nasdaq Regarding Minimum Bid Price Compliance; No immediate impact on registration
CHARLESTON, South Carolina, July 29, 2021 (GLOBE NEWSWIRE) – Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) (“Aeterna” or the “Company”), a specialty biopharmaceutical company developing and marketing a diverse portfolio of pharmaceuticals and diagnostics, announced today that the 28 July 2021, the Company received a notice from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that, based on a closing bid price of less than 1, $ 00 per share for the common stock of the company over the past 30 consecutive business days, the Company no longer meets the Nasdaq 5550 (a) (2) listing rule (the “Rule”).
In accordance with Nasdaq Listing Rule 5810 (c) (3) (A), the Company has been given a grace period of 180 calendar days, until January 24, 2022, to demonstrate compliance with the rule. To prove compliance with the Rule, the Company must prove a closing bid price of at least $ 1.00 per share for at least 10 consecutive business days no later than January 24, 2022. If the Company does not prove in time Due to compliance with the Rule, the Company may be eligible for an additional 180 day grace period or may be subject to delisting. In the latter case, the Company would have the right to request a hearing before the Nasdaq Hearings Panel, which request would stay all strike action by staff pending the completion of the hearing process.
The Company’s business operations are not affected by receipt of the Nasdaq advisory.
The Nasdaq notice has no immediate effect on the listing of the Company’s common shares on Nasdaq and does not affect the listing of the Company on the Toronto Stock Exchange. The Company reviews its options for demonstrating compliance with the Rule prior to the expiration of the grace period.
About Aeterna Zentaris Inc.
Aeterna Zentaris is a specialty biopharmaceutical company that develops and markets a diverse portfolio of pharmaceutical and diagnostic products focused on areas with significant unmet medical needs. The Company’s flagship product, macimorelin (Macrilen™), is the first and only oral test approved by the US FDA and European Commission indicated for the diagnosis of adult growth hormone deficiency (DHG). The company is building on the clinical success and compelling safety profile of macimoreline to develop it for the diagnosis of growth hormone deficiency (CGHD) in children in collaboration with Novo Nordisk.
Aeterna Zentaris is dedicated to the development of therapeutic actives and has recently taken steps to establish a growing preclinical pipeline to potentially address unmet medical needs in a number of indications, including Neuromyelitis Optic Spectrum Disorders (NMOSD). ), hypoparathyroidism and amyotrophic lateral sclerosis (ALS; Lou Gehrig’s disease). In addition, 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.
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 the Private Securities Litigation Reform Act, as amended, including those relating to the the Company’s ability to recover compliance with the minimum bid price requirement, the impact of the Nasdaq notice on the listing of the Company’s common shares on Nasdaq and the Toronto Stock Exchange and the Company’s ability to comply with the requirement to have minimum shareholders to maintain listing under Nasdaq Listing Rule 5550 (b) (3). These forward-looking statements are based on current expectations, estimates, forecasts and projections regarding the industry and markets in which we operate and on the current beliefs and assumptions of management.
These statements can be identified by the use of forward-looking phrases, including, but not limited to, “expect”, “anticipate”, “intend”, “plan”, “believe” , “Estimate”, “,” “project”, “should”, “would” and similar expressions and the negative aspects of these terms. These statements relate to future events or our financial performance and involve known risks and unknowns, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the future. Relevant statements. These factors include those stated in documents filed by the Company with the Securities and Exchange Commission. Potential investors are cautioned not to place undue reliance on these professional statements pectives, which are only valid as of the date of this press release. The Company assumes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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