ObsEva Evidences Compliance with Nasdaq’s Stockholder’s Equity Rule and Announces Moratorium Dismissal Request Filing
14 Dezembro 2022 - 9:00AM
Ad hoc announcement pursuant to Art. 53 LR of the
SIX Swiss Exchange
GENEVA,
Switzerland –
December 14,
2022 – ObsEva SA (NASDAQ: OBSV; SIX:
OBSN), a biopharmaceutical company developing and
commercializing novel therapies for women’s health, announced today
announced an update on its progress towards meeting Nasdaq’s
minimum stockholders’ equity requirement.
As previously announced, on August 19, 2022, the
Company received a letter (the “Nasdaq Letter”) from the Nasdaq
Stock Exchange (“Nasdaq”) notifying the Company that it is not in
compliance with the minimum stockholders’ equity requirement for
continued listing on the Nasdaq Global Select Market. Nasdaq
Listing Rule 5450(b)(1)(A) requires listed companies listed on the
Nasdaq Global Select Market to maintain stockholders’ equity of at
least $10.0 million. The Nasdaq Letter was based on the Company’s
Form 6-K dated August 17, 2022, disclosing financial information
for the period ended June 30, 2022, which reported shareholders’
equity of ($2,103,000). ObsEva submitted its plan to regain
compliance on August 29, 2022.
On November 22, 2022, the Company announced the
sale of all its rights to Ebopiprant (the “Transaction”), an
investigational, orally active, selective prostaglandin F2α (PGF2α)
receptor antagonist being evaluated as a potential treatment for
preterm labor by reducing inflammation and uterine contractions, to
XOMA Corporation (XOMA) for an upfront payment of $15 million.
Additionally, ObsEva is eligible to receive future milestone
payments of up to $98 million upon the achievement of certain
development and regulatory milestones and sales milestones relating
to the development of Ebopiprant under a license agreement with
Organon. In July 2021, ObsEva granted a license to Organon for the
global development, manufacturing, and commercial rights to
Ebopiprant.
As a result of the Transaction, the
stockholders’ equity of the Company as of November 30, 2022 is
approximately $11.4 million (unaudited). The Company therefore
believes that as of the date hereof the Company has regained
compliance with Nasdaq Listing Rule 5450(b)(1)(A). Nasdaq will
continue to monitor the Company’s ongoing compliance with the
stockholders’ equity requirement and, if at the time of its annual
report for the year ended December 31, 2022 the Company does not
evidence compliance, it may be subject to delisting. There can be
no assurance that the Company will be able to maintain compliance
with the minimum stockholders’ equity requirement.
Additionally, on December 9, 2022 ObsEva filed a
request to withdraw its previously announced moratorium with the
Swiss court considering its over-indebtedness position has been
resolved with the upfront proceeds of the Transaction.
About ObsEvaObsEva is a
biopharmaceutical company developing novel therapies to improve
women’s reproductive health and pregnancy. ObsEva has established a
development program focused on improving clinical pregnancy and
live birth rates in women undergoing in vitro fertilization. ObsEva
is listed on the Nasdaq Global Select Market and is traded under
the ticker symbol “OBSV” and on the SIX Swiss Exchange where it is
traded under the ticker symbol “OBSN”. For more information, please
visit www.ObsEva.com
Cautionary Note Regarding Forward
Looking Statements of ObsEva SA
Any statements contained in this press release
that do not describe historical facts may constitute
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These statements may be
identified by words such as “believe”, “expect”, “may”, “plan”,
“potential”, “will”, and similar expressions, and are based on
ObsEva’s current beliefs and expectations. These forward-looking
statements include statements regarding theObsEva’s belief that it
has regained compliance with the Nasdaq minimum stockholders’
equity requirement, and the outcome and timing for the Swiss courts
to process ObsEva’s request to withdraw the Swiss moratorium
proceedings. These statements involve risks and uncertainties that
could cause actual results to differ materially from those
reflected in such statements. Risks and uncertainties that may
cause actual results to differ materially include uncertainties in
the outcome and potential impact of ObsEva’s intended
withdrawal of the pending moratorium proceedings before Swiss
courts, including with respect to ObsEva’s agreements
with third parties and outstanding debt
obligations, ObsEva’s ability to successfully restructure
its operations, ObsEva’s ability to regain
compliance with the continued listing rules of Nasdaq and the
potential for Nasdaq to use its discretionary authority to
delist ObsEva’s common shares in connection with the
pending Swiss moratorium proceedings if ObsEva is not able to
withdraw such proceedings, the conduct of clinical
trials and clinical development, including the risk that the
results of earlier clinical trials may not be predictive of the
results of later stage clinical trials, ObsEva’s reliance
on third parties over which it may not always have full control,
and the capabilities of such third parties, the impact of the
ongoing novel coronavirus outbreak and other geopolitical events,
and other risks and uncertainties that are described in the Risk
Factors section of ObsEva’s Annual Report on Form 20-F
for the year ended December 31, 2021 filed with Securities and
Exchange Commission (the “SEC”) on March 10, 2022, in the
Reports on Form 6-K filed with the SEC on May 17,
2022, August 17, 2022 and December 1, 2022 and other
filings ObsEva makes with the SEC. These documents are available on
the Investors page of ObsEva’s website at http://www.ObsEva.com.
Any forward-looking statements speak only as of the date of this
press release and are based on information available to ObsEva as
of the date of this release, and ObsEva assumes no obligation to,
and does not intend to, update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
For further information, please
contact:
CEO Office contactShauna
Dillonshauna.dillon@obseva.ch+41 22 552 1550
Investor ContactWill
Brownwill.brown@obseva.com +1 (334) 313-2319
- ObsEva - PR - Nasdaq Equity Compliance - Dec 14_pdf
ObsEva (NASDAQ:OBSV)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
ObsEva (NASDAQ:OBSV)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024