Acasti also confirms no exposure to Silicon
Valley Bank ("SVB") or Silvergate Bank
LAVAL, Québec, March 13,
2023 /PRNewswire/ -- Acasti Pharma Inc.
("Acasti" or the "Company") (NASDAQ: ACST and TSX-V:
ACST) a late-stage, specialty pharma company advancing three
clinical stage drug candidates addressing rare and orphan diseases,
today announced that it has applied and received approval for a
voluntary delisting of its common shares from the TSX Venture
Exchange ("TSXV"). The delisting from the TSXV will not
affect the Company's listing on the NASDAQ Capital Market (the
"NASDAQ"). The common shares will continue to trade on the
NASDAQ under the symbol "ACST".
The Company believes that the trading volume of its shares on
the TSXV no longer justifies the expenses and administrative
efforts required to maintain a dual listing. The Company also
believes that delisting from the TSXV will create a central
marketplace for its common shares on the NASDAQ, and ultimately
benefit the long-term liquidity and shareholder value of the
Company.
It is anticipated that, effective as at the close of trading on
March 27, 2023, Acasti's common shares will no longer be
listed and posted for trading on the TSXV.
Following delisting from the TSXV, Acasti's shareholders can
trade their common shares through their brokers on NASDAQ. As most
brokers in Canada including many
discount and online brokers, have the ability to buy and sell
securities listed on NASDAQ, Acasti's NASDAQ listing will continue
to provide shareholders with the same accessibility to trade the
Company's common shares. Shareholders holding shares in Canadian
brokerage accounts should contact their brokers to confirm how to
trade Acasti's shares on the NASDAQ.
The Company today also confirms that neither Acasti, nor any of
its subsidiaries have any exposure to Silicon Valley Bank ("SVB")
or Silvergate Bank. The Company has no deposits with those
institutions, and has been financed through equity issuances in the
past and not from any form of debt or other interest bearing
securities.
About Acasti
Acasti is a late-stage specialty pharma company with drug
delivery technologies and drug candidates addressing rare and
orphan diseases. Acasti's novel drug delivery technologies have the
potential to improve the performance of currently marketed drugs by
achieving faster onset of action, enhanced efficacy, reduced side
effects, and more convenient drug delivery—all which could help to
increase treatment compliance and improve patient outcomes.
Acasti's three lead clinical assets have each been granted Orphan
Drug Designation by the FDA, which provide the assets with seven
years of marketing exclusivity post-launch in the United States, and additional intellectual
property protection with over 40 granted and pending patents.
Acasti's lead clinical assets target underserved orphan diseases:
(i) GTX-104, an intravenous infusion targeting Subarachnoid
Hemorrhage (SAH), a rare and life threatening medical emergency in
which bleeding occurs over the surface of the brain in the
subarachnoid space between the brain and skull; (ii) GTX-102, an
oral mucosal spray targeting Ataxia-telangiectasia (A-T), a
progressive, neurodegenerative genetic disease that primarily
affects children, causing severe disability, and for which no
treatment currently exists; and (iii) GTX-101, a topical spray
targeting Postherpetic Neuralgia (PHN), a persistent and often
debilitating neuropathic pain caused by nerve damage from the
varicella zoster virus (shingles), which may persist for months and
even years.
For more information, please
visit: https://www.acasti.com/en.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking information"
within the meaning of Canadian securities laws and "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995, as amended, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (collectively, "forward
looking statements"). Such forward looking statements involve known
and unknown risks, uncertainties, and other unknown factors that
could cause the actual results of Acasti to be materially different
from historical results or from any future results expressed or
implied by such forward-looking statements. In addition to
statements which explicitly describe such risks and uncertainties,
readers are urged to consider statements containing the terms
"believes," "belief," "expects," "intends," "anticipates,"
"potential," "should," "may," "will," "plans," "continue",
"targeted" or other similar expressions to be uncertain and forward
looking. .Forward-looking information contained in this news
release include, but are not limited to, statements with respect to
the timing of the delisting of the common shares from the TSXV, the
Company's anticipated benefits of delisting from the TSXV, such as
improved liquidity for the common shares, the accessibility of and
ability of shareholders to trade the Company's common shares on the
NASDAQ, and the anticipated continued listing of the Company's
common shares on the NASDAQ. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The forward-looking
statements in this press release are based upon Acasti's current
expectations and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties. All forward-looking statements contained in this
press release speak only as of the date on which they were made.
Acasti undertakes no obligation to update such statements to
reflect events that occur or circumstances that exist after the
date on which they were made, except as required by applicable
securities laws. Neither NASDAQ, the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
Acasti Contact:
Jan D'Alvise
Chief Executive Officer
Tel: 450-686-4555
Email:info@acasti.com
www.acasti.com
Investor Relations:
Robert Blum
Lytham Partners, LLC
602-889-9700
ACST@lythampartners.com
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SOURCE Acasti Pharma Inc.