(Sharecast News) - Pharmaceutical company Motif Bio saw its shares suspended from trading on Wednesday in order to satisfy AIM rules.
Motif Bio, which was classified as an AIM Rule 15 cash shell on 28 January, was required to make an acquisition or acquisitions which would constitute a reverse takeover or be re-admitted to trading on AIM as an investing company on or before 28 July.
As the company failed to do so, its ordinary shares were suspended from trading and will remain so until such time as a reverse takeover is completed.
If no transaction is completed within six months, Motif's shares will be cancelled from trading altogether.
Motif Bio added that it was continuing to evaluate certain potential reverse takeover candidates and said it would make a further announcement at an appropriate time.
As of 1000 BST, Motif Bio shares were suspended at 0.50p.
2 Mar 2016 09:24