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 (TH.TO) (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 SEC''s website at www.sec.gov.
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 take place.
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.