MONTREAL, Jan. 30,
2024 /PRNewswire/ - Alithya Group inc. (TSX:
ALYA) (NASDAQ: ALYA) ("Alithya" or the "Company") announces
that it has given formal notice of its intention to voluntarily
delist its Class A subordinate voting shares ("Class A Shares")
from the Nasdaq Capital Market ("Nasdaq"). The delisting from the
Nasdaq will not affect the Company's listing on the Toronto Stock
Exchange ("TSX"), which will be maintained.
The Company believes that the limited benefits derived from
being dual-listed no longer justify the additional expenses and
administrative efforts associated with maintaining the Nasdaq
listing, especially given Alithya's listing on the TSX. The Company
also believes TSX provides the Company's shareholders with
sufficient liquidity, and the cost savings from the elimination of
Nasdaq listing fees and associated professional fees, as well as
the savings in time and effort of management required to maintain a
dual listing, can be redirected to further advancing the business
of the Company.
The Company plans to file a Form 25 with the Securities and
Exchange Commission ("SEC") and expects that the Class A Shares
will cease trading on Nasdaq on or about February 9, 2024. Following delisting from the
Nasdaq, Alithya's shareholders will continue to be able to trade
their Class A Shares on the TSX. The Company's reporting
obligations under applicable U.S. federal securities laws will
continue after the delisting from the Nasdaq. Following
satisfaction of the relevant deregistration conditions under
applicable U.S. federal securities laws, including that the Company
continues to file periodic reports with the SEC for at least 12
months following delisting with Nasdaq, the Company intends to
deregister under the Securities Exchange Act of 1934, as
amended.
Quote from Paul Raymond, President and Chief Executive
Officer:
"After careful consideration and extensive discussions with
our Board of Directors, Alithya has decided that a voluntary
delisting from the Nasdaq is in the best interests of our
shareholders. By remaining listed on the TSX, we believe this move
will provide us with greater financial flexibility and will allow
us to focus on long-term strategies for driving sustainable growth
and value for our shareholders. As we start executing on the core
objectives of our upcoming F2025-2027 strategic plan, to be
implemented on April 1, 2024, we
remain committed to maintaining high standards of corporate
governance and transparency."
Forward-Looking
Statements
This press release contains statements that may constitute
forward-looking statements within the meaning of applicable
securities laws, including, without limitation, the Company's
intention to delist from Nasdaq and deregister the Company's Class
A Shares and the anticipated duration of time the Company will
continue file periodic reports with the SEC. Statements in this
press release that do not exclusively relate to historical facts,
as well as statements relating to management's expectations
regarding the potential future growth of Alithya and its capital
requirements represent forward-looking statements.
Forward-looking statements are presented for the sole purpose of
assisting investors and others in understanding Alithya's
objectives, strategies and business outlook as well as its
anticipated operating environment and may not be appropriate for
other purposes. Although management believes the expectations
reflected in Alithya's forward-looking statements were reasonable
as at the date they were made, forward-looking statements are based
on the opinions, assumptions and estimates of management and, as
such, are subject to a variety of risks and uncertainties and other
factors, many of which are beyond Alithya's control, and which
could cause actual events or results to differ materially from
those expressed or implied in such statements. Such risks and
uncertainties include but are not limited to those discussed in the
section titled "Risks and Uncertainties" of Alithya's annual and
interim Management's Discussion and Analysis and other materials
made public, including documents filed with Canadian and U.S.
securities regulatory authorities from time to time and which are
available on SEDAR+ at www.sedarplus.com and EDGAR at
www.sec.gov.
Forward-looking statements contained in this press release are
qualified by these cautionary statements and are made only as of
the date of this press release. Alithya expressly disclaims any
obligation to update or alter forward-looking statements, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
applicable law. Investors are cautioned not to place undue reliance
on forward-looking statements since actual results may vary
materially from them.
About Alithya
Empowered by the passion and enthusiasm of a talented global
workforce, Alithya is positioned on the crest of the digital wave
as a trusted advisor in strategy and digital technology services.
Transforming the world one digital step at a time, Alithya
leverages collective intelligence and expertise to develop
practical IT solutions tailored to complex business challenges. As
shared stewards of its clients' success, Alithya accompanies them
through the full cycle of their digital evolutions, paving new
roads to the future of their businesses.
Living up to its name, meaning truth, Alithya embraces a
business model that avoids industry buzzwords and technical jargon
to deliver straight talk provided by collaborative teams focused on
three main pillars: strategic consulting, enterprise
transformation, and business enablement.
With two gender parity certifications obtained in Canada and the
United States, and in pursuit of indigenous relations and
carbon neutral certifications, Alithya strives to balance its
desire to do the right thing with its commitment to doing things
right.
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SOURCE Alithya