19 Dec 2018 16:45
December 19, 2018
Akers Biosciences, Inc.
Intention to Delist from the AIM Market of the London Stock Exchange
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), (the "Company" or "Akers Bio"), a developer of rapid health information technologies, announces its intention to seek shareholders' approval in due course for the cancellation of admission of the Company's Common Shares to trading on the AIM market of the London Stock Exchange (the "Delisting").
Since the admission of the Company's shares to trading on Nasdaq Capital Market ("Nasdaq") in 2014, the liquidity of its shares on AIM has become relatively low, with greater than 99 per cent of the average daily trading volume of the Company's Common Shares in 2017 and in 2018 to date being conducted on Nasdaq.
The Board of Directors believes the proportion of Common Shares on the Jersey (Channel Islands) Register in comparison to that on the US Register, and the relatively low liquidity in the Company's stock on AIM, does not merit the ongoing costs and regulatory complexities associated with maintaining the AIM listing.
Accordingly, the Board of Directors considers a Delisting to be in the best interest of Shareholders. The Company's shares will continue to trade on Nasdaq.
The Company will in due course initiate proceedings with respect to the Delisting, with a view to completing the process by March 31, 2019; and will provide further information in an announcement and shareholder circular in due course.
The Company further announces that finnCap Ltd, the Company's Nominated Adviser and Broker on the AIM Market of the London Stock Exchange, has agreed to extend its notice period from January 5, 2019 to March 31, 2019 so as to allow the Company sufficient time to convene a shareholder meeting to vote on the Delisting and, if passed, to proceed with the cancellation of its AIM listing.
Inquiries:
Akers Biosciences, Inc.
Howard R. Yeaton, Chief Executive Officer and Interim Chief Financial Officer
Tel. +1 856 848 8698
finnCap (UK Nominated Adviser and Broker)
Ed Frisby / Scott Mathieson (Corporate Finance)
Tel. +44 (0)20 7220 0500
Vigo Communications (Global Public Relations)
Ben Simons / Fiona Henson
Tel. +44 (0)20 7390 0234
Email: akers@vigocomms.com
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be found at www.akersbio.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, compliance with the requirements of various regulatory agencies and certain NASDAQ Stock Market listing rules, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions, as they relate to the Company, its subsidiaries, or its management. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.