Midatech Pharma PLC Receipt of NASDAQ Notice (8877O)
03 Février 2023 - 10:57AM
UK Regulatory
TIDMMTPH
RNS Number : 8877O
Midatech Pharma PLC
03 February 2023
3 February 2023
Midatech Pharma PLC
("Midatech" or the "Company")
Receipt of NASDAQ Notice
Midatech Pharma PLC (AIM: MTPH.L; Nasdaq: MTP), a drug delivery
technology company focused on improving the bio-delivery and
biodistribution of medicines, announces that it received written
notification (the "Notification Letter") from The NASDAQ Stock
Market LLC ("NASDAQ"), dated 31 January 2023, stating that the
Company is not in compliance with the minimum bid price requirement
set forth in NASDAQ's rules for continued listing on The NASDAQ
Capital Market. NASDAQ Listing Rule 5550(a)(2) requires listed
securities to maintain a minimum bid price of $1.00 per share, and
Listing Rule 5810(c)(3)(A) provides that a failure to meet the
minimum bid price requirement exists if the deficiency continues
for a period of 30 consecutive business days. Based on the closing
bid price of the Company's American Depositary Shares (the
"Depositary Shares"), each representing 25 ordinary shares of the
Company, for the 30 consecutive business days beginning 14 December
2022, the Company no longer meets the minimum bid price
requirement.
The Notification Letter has no immediate effect on the listing
of the Depositary Shares, and they will continue to trade on The
NASDAQ Capital Market under the symbol "MTP."
In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the
Company has a grace period of 180 calendar days, or until 31 July
2023 (the "Compliance Period"), to regain compliance with the
minimum bid price requirement. To regain compliance, the closing
bid price of the Depositary Shares must meet or exceed $1.00 per
share for at least 10 consecutive business days during the
Compliance Period. If the Depositary Shares do not regain
compliance with the minimum bid price requirement during the
Compliance Period, the Company may be eligible for an additional
grace period of 180 calendar days provided that the Company
satisfies NASDAQ's initial listing standards for listing on The
NASDAQ Capital Market, other than the minimum bid price
requirement, and provides written notice to NASDAQ of its intention
to cure the delinquency during the second grace period. If the
Company does not regain compliance during the initial grace period
and is not eligible for an additional grace period, NASDAQ will
provide written notice that the Depositary Shares are subject to
delisting from The NASDAQ Capital Market. In that event, the
Company may appeal such determination to a hearing panel.
The Company intends to monitor the bid price of its Depositary
Shares during the Compliance Period and will consider taking such
actions as may be necessary and appropriate to achieve compliance
with continued listing requirements prior to the expiration of all
available grace periods.
The Company's business operations are not affected by the
receipt of the Notification Letter.
The Company's ordinary shares are admitted to trading on the AIM
Market of the London Stock Exchange, and the Notification Letter
does not affect the Company's compliance status with the AIM Rules
for Companies.
For more information, please contact:
Midatech Pharma PLC
Stephen Stamp, CEO, CFO
Tel: +44 (0)29 20480 180
www.midatechpharma.com
Strand Hanson Limited (Nominated Adviser)
James Dance / Matthew Chandler / Rob Patrick
Tel: +44 (0)20 7409 3494
Turner Pope Investments (TPI) Ltd (Joint Broker)
Andrew Thacker / James Pope
Tel: +44 (0)20 3657 0050
IFC Advisory Limited (Financial PR and UK Investor Relations)
Tim Metcalfe / Graham Herring
Tel: +44 (0)20 3934 6630
Email: midatech@investor-focus.co.uk
Edison Group (US Investor Relations)
Alyssa Factor
Tel: +1 (860) 573 9637
Email: afactor@edisongroup.com
About Midatech Pharma PLC
Midatech Pharma PLC (dual listed on LSE AIM: MTPH; and NASDAQ: MTP)
is a drug delivery technology company focused on improving the bio-delivery
and biodistribution of medicines. The Company combines approved and
development medications with its proprietary and innovative drug delivery
technologies to provide compelling products that have the potential
to powerfully impact the lives of patients.
The Company has developed three in-house technology platforms, each
with its own unique mechanism to improve delivery of medications to
sites of disease. All of the Company's technologies have successfully
entered human use in the clinic, providing important validation of the
potential for each platform:
* Q-Sphera(TM) platform: a disruptive micro-technology
used for sustained release to prolong and control the
release of therapeutics over an extended period of
time (from weeks to months).
* MidaSolve(TM) platform: an innovative nanotechnology
used to dissolve insoluble drugs so that they can be
administered in liquid form directly and locally into
tumours.
* MidaCore(TM) platform: a leading-edge nanotechnology
used for targeting medications to sites of disease.
The platform nature of the technologies offers the potential to develop
multiple drug assets rather than being reliant on a limited number of
programmes. Midatech's technologies are supported by 36 patent families
including 120 granted patents and an additional 70 patent applications.
Midatech's headquarters and R&D facility is in Cardiff, UK. For more
information please visit www.midatechpharma.com
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking
statements" within the meaning of legislation in the United Kingdom and/or
United States Private Securities Litigation Reform Act. Words such as
"expect," "estimate," "project," "budget," "forecast," "anticipate," "intend,"
"plan," "may," "will," "could," "should," "believes," "predicts," "potential,"
"continue," and similar expressions (or the negative versions of such
words or expressions) are intended to identify such forward-looking statements.
These forward-looking statements include, without limitation, statements
expressed or implied regarding Midatech's plans, including those related
to Midatech's intentions in response to the Notification Letter, its continued
compliance with the NASDAQ Listing Rules, and its intentions during the
Compliance Period and after. These forward-looking statements involve
significant risks and uncertainties that could cause the actual results
to differ materially from those discussed in the forward-looking statements.
Most of these factors are outside Midatech's control and are difficult
to predict. All statements contained in this press release that do not
relate to matters of historical fact should be considered forward-looking
statements.
Reference should be made to those documents that Midatech shall furnish
or file from time to time or announcements that may be made by Midatech
in accordance with the London Stock Exchange AIM Rules for Companies ("AIM
Rules"), the Disclosure and Transparency Rules ("DTRs") and the rules
and regulations promulgated by the US Securities and Exchange Commission
(the "SEC"), including those risks and uncertainties set forth under "Risk
Factors" in Midatech's filings with the SEC, which contains and identifies
other important factors that could cause actual results to differ materially
from those contained in any projections or forward-looking statements.
These forward-looking statements speak only as of the date of this announcement.
All subsequent written and oral forward-looking statements by or concerning
Midatech are expressly qualified in their entirety by the cautionary statements
above. Except as may be required under the AIM Rules or the DTRs or by
relevant law in the United Kingdom or the United States, Midatech does
not undertake or accept any obligation or undertaking to publicly update
or revise any forward-looking statements because of new information, future
events or otherwise arising.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCSSISUDEDSEIE
(END) Dow Jones Newswires
February 03, 2023 04:57 ET (09:57 GMT)
Midatech Pharma (LSE:MTPH)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Midatech Pharma (LSE:MTPH)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024