MALVERN, Pa., April 5, 2019
/PRNewswire/ -- Realm Therapeutics plc (Nasdaq: RLM) (the
"Company") today announced that the Company received written
notice from the Listing Qualifications Staff (the "Staff") of The
Nasdaq Stock Market LLC ("Nasdaq") indicating that, based upon the
Company's recent Assets Disposal, the Staff believes the Company is
a "shell company" (i.e., a non-operating entity) and, as
such, the continued listing of American Depositary Shares ("ADSs")
representing the Company's ordinary shares on Nasdaq is no longer
warranted. The Staff cited Nasdaq Listing Rule 5101 as the basis
for its determination.
The Company plans to timely request a hearing before the Nasdaq
Hearings Panel (the "Panel"), which request will stay any
suspension or delisting action by Nasdaq at least pending the
ultimate outcome of the hearing. At the hearing, the Company will
have the ability to present its plan to evidence compliance with
all applicable requirements for listing on Nasdaq, and to request
an extension within which to do so. Although the Company is taking
steps to satisfy the applicable listing criteria, there can be no
assurance that the Panel will grant the Company's request for
continued listing or that the Company will be able to evidence
compliance with the applicable listing rules within any extension
period that may be granted by the Panel.
About Realm Therapeutics
Realm Therapeutics is currently exploring strategic
alternatives. The Investing Policy, which remains the strategic
focus of the Directors, requires the Company to seek to invest in,
partner with, acquire and/or be acquired by a company with
meaningful development potential in the life sciences sector or
with good overall business prospects. For more information
on Realm Therapeutics, please visit www.realmtx.com.
Forward Looking Statements
Certain statements contained herein constitute
forward-looking statements, including with respect to the outcome
of any hearing in front of the Panel. These forward-looking
statements reflect the Company's judgment at the date of this
announcement and are not intended to give any assurance as to
future results. Except as required by Nasdaq or applicable law, the
Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained in this announcement to reflect any changes in
the Company's expectations about them or any changes in events,
conditions or circumstances on which any such statement is
based.
G-RLM
Contacts:
Realm Therapeutics plc
Alex Martin, Chief Executive
Officer
Marella Thorell, Chief Financial
Officer and Chief Operating Officer
Outside US: +44 (0) 20 3727 1000
US: +1 212 600 1902
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SOURCE Realm Therapeutics