29 Jul 2020 07:30
Motif Bio plc
("Motif Bio" or the "Company")
Suspension of Trading on AIM
Motif Bio plc (AIM: MTFB) confirms that trading in the Company's ordinary shares on AIM has been suspended with effect from 7.30 a.m. UK time today.
As stated in the announcement of 28 January 2020, the Company was classified as an AIM Rule 15 cash shell at that date and as such was required to make an acquisition or acquisitions which would constitute a reverse takeover under AIM Rule 14 ("Reverse Takeover"), or be re-admitted to trading on AIM as an investing company under the AIM Rules, on or before the date falling six months from 28 January 2020.
As neither a Reverse Takeover nor readmission to trading on AIM as an investing company under the AIM Rules have been completed, trading in the Company's ordinary shares on AIM has now been suspended.
Trading will remain suspended until the completion of a Reverse Takeover, which requires the publication of an Admission Document and the approval of such a transaction at a General Meeting of the Company, or the Company is re-admitted to trading on AIM as an investing company.
If no such transaction is completed within six months the Company's shares will be cancelled from trading on AIM pursuant to AIM Rule 41. There can be no assurance that the Company will be able to complete a Reverse Takeover during the six month suspension period.
The Board continues the evaluation of potential Reverse Takeover candidates and will make a further announcement at the appropriate time.
As previously announced, the Company has appointed Crowe U.K. LLP as their auditor. The Company expects to complete the audit process and announce its annual results for the year ended 31 December 2019 in the second half of August.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Motif Bio plc |
ir@motifbio.com |
Jonathan Gold (President and Chief Business Officer) | |
SP Angel Corporate Finance LLP (NOMAD & BROKER) | +44 (0) 20 3470 0470 |
David Hignell/Caroline Rowe (Corporate Finance) | |
Vadim Alexandre/Abigail Wayne (Sales & Broking) | |
| |
Walbrook PR Ltd. (UK FINANCIAL PR & IR) | +44 (0) 20 7933 8780 |
Paul McManus/ Lianne Cawthorne | motifbio@walbrookpr.com |
Forward-Looking Statements
When used in this Press Release, the words or phrases "intends," "anticipates," "expected to be" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties including, but not limited to, changes in economic conditions in the Company's market area, changes in policies by regulatory agencies, fluctuations in interest rates, competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, and other risks described in the Company's filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company advises readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revision which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.