Business
BELLUS Health is Preparing to Voluntarily Delist from the NASDAQ Capital Market
BELLUS Health Receives NASDAQ Deficiency Notice Relating to Market Value ------------------------...
About this update from Bluenergies Ltd.
[{"type":"text","content":"\n\n\n\nBELLUS Health Receives NASDAQ Deficiency Notice Relating to Market Value\n\n\n------------------------------------------------------------------------\n\n\nLAVAL, QC, Dec. 5 /CNW Telbec/ - BELLUS Health Inc. (NASDAQ: BLUS; TSX:\nBLU) announces that in light of continuing significant fluctuations in world\ncapital markets, the Company is preparing to voluntarily delist from the\nNASDAQ Capital Market, while continuing to maintain a full listing on the\nToronto Stock Exchange (TSX: BLU). In connection with its NASDAQ listing, the\nCompany received a Deficiency Letter dated December 1, 2008, from the NASDAQ\nStaff stating that, for 10 consecutive trading days, the market value of the\nCompany's listed securities had been below the minimum $35,000,000 requirement\nfor continued inclusion on the NASDAQ Capital Market under Marketplace Rule\n4310(c)(3)(B), and that the Company would have until December 31, 2008 to\nregain compliance. The Company's listing on the Toronto Stock Exchange is not\naffected by the notice received from NASDAQ, nor by the decision to\nvoluntarily delist from this U.S. exchange. The Company expects the delisting\nto take effect in early January 2009. The Company will continue to be subject\nto the filing and other obligations of the U.S. securities laws applicable to\nnon-U.S. reporting companies during 2009.\n\n\nThe decision to voluntarily delist is reinforced by extreme short-term\nvolatility in stock markets and accordingly, in the Company's market value.\nDaily fluctuations in the price of BELLUS Health shares have resulted in the\nCompany moving in and then out of compliance with NASDAQ requirements over the\npast weeks. In light of the recent correspondence with NASDAQ, BELLUS Health\nhas determined that the perceived benefit of being listed on NASDAQ no longer\nmerits the capital and human investment involved in maintaining the listing.\n\n\nThe Company has received confirmation from holders of at least a majority\nin value of the $42,085,000 aggregate principal amount of 6% convertible\nsenior notes issued in November 2006 (the Notes) of their intention to consent\nto an amendment to the Trust Indenture governing the Notes, which would permit\ndelisting from NASDAQ.\n\n\nListing of the Company's securities on NASDAQ is a condition to drawdown\nunder the terms of the equity line of credit facil...