Biophytis Announces Transfer of ADSs to OTC Market
Biophytis / Key word(s): Miscellaneous
Biophytis Announces Transfer of ADSs to OTC Market
24-Apr-2024 / 23:00 CET/CEST
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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
Paris (France) and Cambridge (Massachusetts, USA), April 24, 2024
- 11:00pm CET - Biophytis SA (Euronext Growth Paris : ALBPS),
("Biophytis" or the "Company"), a clinical-stage biotechnology
company specializing in the development of therapeutics for
age-related diseases, today annouced that on April 24, 2024, the
Company received formal notice from The Nasdaq Stock Market LLC
("Nasdaq") that the Nasdaq Hearings Panel (the "Panel") had
determined to delist the Company's American Depositary Shares
("ADSs") from The Nasdaq Capital Market based upon the Company's
non-compliance with the stockholders' equity requirement set
forth in Nasdaq Listing Rule 5550(b). As a result of the Panel's
decision, Nasdaq will suspend trading in the Company's ADSs
effective with the opening of business on Friday, April 26, 2024,
and file a Form 25 with the Securities and Exchange Commission
(the "SEC") to effect the formal delisting of the Company's 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 Company's ADSs will begin
trading on the OTC Markets' OTC Pink Current Information tier
under the current symbol "BPTS" 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 Company's 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.
About BIOPHYTIS
Biophytis SA is a clinical-stage biotechnology company
specializing in the development of drug candidates for
age-related diseases. BIO101 (20-hydroxyecdysone), our lead drug
candidate, is a small molecule in development for muscular
(sarcopenia, phase 3 ready and Duchenne muscular dystrophy),
respiratory (Covid-19 phase 2-3 completed) and metabolic diseases
(obesity, phase 2 to be started). The company is based in Paris,
France, and Cambridge, Massachusetts. The Company's ordinary
shares are listed on Euronext Growth (Ticker: ALBPS -ISIN:
FR0012816825) and the ADSs (American Depositary Shares) are
listed on Nasdaq Capital Market (Ticker BPTS - ISIN:
US09076G1040). For more information, visit www.biophytis.com
Disclaimer
This press release contains forward-looking statements.
Forward-looking statements include all statements that are not
historical facts. In some cases, you can identify these
forward-looking statements by the use of words such as
"outlook," "believes," "expects," "potential," "continues,"
"may," "will," "should," "could," "seeks," "predicts,"
"intends," "trends," "plans," "estimates," "anticipates" or the
negative version of these words or other comparable words. Such
forward-looking statements are based on assumptions that
Biophytis considers to be reasonable. However, there can be no
assurance that the statements contained in such forward-looking
statements will be verified, which are subject to various risks
and uncertainties. The forward- looking statements contained in
this press release are also subject to risks not yet known to
Biophytis or not currently considered material by Biophytis.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. Please also refer to the "Risk and
uncertainties the Company is to face» section from the Company's
2023 Financial Report available on BIOPHYTIS website
(www.biophytis.com) and as exposed in the "Risk Factors" section
of form 20-F as well as other forms filed with the SEC
(Securities and Exchange Commission, USA). We undertake no
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as required by law.
Biophytis contacts
Investor relations
Nicolas Fellmann, CFO
Investors@biophytis.com
Media
Antoine Denry: antoine.denry@taddeo.fr - +33 6 18 07 83 27
Nizar Berrada: nizar.berrada@taddeo.fr - +33 6 38 31 90 50
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Dissemination of a Financial Wire News, transmitted by EQS Group.
The issuer is solely responsible for the content of this
announcement.
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Language: English
Issuer: Biophytis
14 avenue de l´Opéra
75001 Paris
France
Internet: https://www.biophytis.com
ISIN: US09076G1040, FR0012816825
EQS News ID: 1888841
End of Announcement - EQS News Service
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1888841 24-Apr-2024 CET/CEST