Cipher Pharma (CPHR) Will Delist from Nasdaq on Voluntary Basis
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Cipher Pharmaceuticals Inc. (Nasdaq: CPHR) announced that its Board of Directors has approved the voluntary withdrawal of its common shares from NASDAQ and the voluntary de-registration of its common shares under the U.S. Securities Exchange Act. Cipher's common shares will continue trading on the Toronto Stock Exchange ("TSX"), where the Company has been listed since 2004.
"Consistent with our commitment to increasing profitability and driving shareholder value, our Board concluded that eliminating these significant expenses outweighed the benefits of maintaining the U.S. listing at this point," said Stephen L. Lemieux, Interim Chief Executive Officer, Chief Financial Officer and Secretary of the Company. "The TSX has been our primary market and represents a higher percentage of our trading volume."
Cipher plans to file a Form 25 with the Securities and Exchange Commission (the "SEC") approximately 10 days after the date hereof and expects that its common shares will cease trading on NASDAQ on or about December 12, 2016. The Company expects to cease filing reports with the SEC in the first quarter of 2017. Cipher's audited annual and unaudited interim quarterly financial statements, press releases and other information will continue to be available on SEDAR and the Company's website at www.cipherpharma.com
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