Biophytis Announces Transfer of ADSs to OTC Market
- ADSs delisted from Nasdaq, which will result in meaningful savings
- ADSs transferred to OTC Pink market; Company will apply to trade on OTCQB market
- Biophytis remains listed on Euronext Growth Paris as its primary trading market
Biophytis annouced that on April 24, 2024, the Company received formal notice from The Nasdaq Stock Market LLC (u201cNasdaqu201d) that the Nasdaq Hearings Panel (the u201cPanelu201d) had determined to delist the Companyu2019s American Depositary Shares (u201cADSsu201d) from The Nasdaq Capital Market based upon the Companyu2019s non-compliance with the stockholdersu2019 equity requirement set forth in Nasdaq Listing Rule 5550(b). As a result of the Panelu2019s decision, Nasdaq will suspend trading in the Companyu2019s ADSs effective with the opening of business on Friday, April 26, 2024, and file a Form 25 with the Securities and Exchange Commission (the u201cSECu201d) to effect the formal delisting of the Companyu2019s ADSs from The Nasdaq Capital Market once all applicable Nasdaq appeal and review periods have expired.
The Company anticipates that, concurrent with the suspension of trading of its ADSs on Nasdaq, the Companyu2019s ADSs will begin trading on the OTC Marketsu2019 OTC Pink Current Information tier under the current symbol u201cBPTSu201d while it applies to trade on the higher-tier OTCQB market. The Company expects that this transfer will meaningfully reduce its ongoing costs of being a publicly-traded company.
The Companyu2019s ordinary shares remain listed on Euronext Growth Paris as the primary trading market and the Company intends to continue its public disclosures in compliance with applicable French financial market regulations.
