Zealand Pharma Announces Voluntary Delisting of American Depositary Shares from the U.S.-Based Nasdaq Global Select Market
08 Agosto 2022 - 5:05PM
Company announcement – No. 32 / 2022
Zealand Pharma Announces Voluntary Delisting of
American Depositary
Shares from the
U.S.-Based Nasdaq Global Select Market
- Zealand will consolidate trading to Nasdaq Copenhagen, the
company’s primary and most liquid stock exchange
- Decision is part of Zealand’s refocused strategy to prioritize
R&D and streamline corporate operations
Copenhagen, DK and Boston, MA, U.S.
August 8,
2022 – Zealand Pharma A/S (Nasdaq
Copenhagen: ZEAL) (CVR-no. 20045078), a biotechnology company
focused on the discovery and development of innovative
peptide-based medicines, today announced it has given formal notice
to Nasdaq of the company’s intention to voluntarily remove its
American Depositary Shares (ADSs) from listing on the New
York-based Nasdaq Global Select Market. One ADS currently
represents one ordinary share in Zealand Pharma, and today the
company’s ADSs account for less than 1.5% of the total share
capital. The company’s ordinary shares will continue to be listed
on Nasdaq Copenhagen, which is the primary source of liquidity and
trading flexibility for Zealand shares.
According to public filings, approximately 80% of institutional
investors holding Zealand’s ordinary shares listed on the Nasdaq
Copenhagen are based outside of Denmark, including in the U.S.,
underscoring its viability for global investors. Zealand has been
listed on the Nasdaq Copenhagen since November 2010 under the
ticker ZEAL.CO and trades in DKK. The company subsequently listed
its ADSs on the Nasdaq Global Select Market in the U.S. in August
2017 under the ticker ZEAL and trades in USD.
“By consolidating trading in Zealand stock on the Nasdaq
Copenhagen, we believe we can provide improved liquidity and
flexibility of trading for global investors, while allowing us to
streamline operating efficiency and reduce corporate costs in line
with our strategy to prioritize our resources on R&D,” said
Adam Steensberg, Chief Executive Officer of Zealand Pharma. “We are
an international biotech company committed to delivering value to
shareholders and solutions to patients as we advance our pipeline
of innovative peptide therapeutics to address metabolic and
gastrointestinal diseases.”
The ADS delisting will have no impact on the company’s
accounting standards, and Zealand will continue its high level of
disclosure in compliance with applicable financial market
regulations. Zealand intends to file a Form 25 and thereafter a
Form 15F with the Securities and Exchange Commission (SEC)
within the coming weeks to initiate the removal of the ADS
listing and deregistration of the ADSs and underlying ordinary
shares under the Securities Exchange Act of 1934, and expects the
ADS delisting to become effective by the end of the third quarter,
at which time the company’s ADSs will no longer trade on the Nasdaq
Global Select Market in the U.S. and Zealand’s reporting
obligations with the SEC will be suspended. The company expects
that the deregistration of the ADSs and the underlying ordinary
shares will become effective by the end of the fourth quarter. The
documents filed with the SEC will be available on the company’s
website: https://www.zealandpharma.com/sec-filings.
About Zealand Pharma A/SZealand Pharma A/S
(Nasdaq: ZEAL) ("Zealand") is a biotechnology company focused on
the discovery and development of peptide-based medicines. More than
10 drug candidates invented by Zealand have advanced into clinical
development, of which two have reached the market and three
candidates are in late-stage development. In addition, license
collaborations with Boehringer Ingelheim and AstraZeneca create
opportunities for more patients to potentially benefit from
Zealand-invented peptide investigational agents currently in
development.
Zealand was founded in 1998 and is headquartered in Copenhagen,
Denmark, with a presence in the U.S. that includes Boston. For more
information about Zealand’s business and activities, please
visit http://www.zealandpharma.com.
Forward-Looking Statements
The above information contains forward-looking statements,
including those made pursuant to the U.S. Private Securities
Litigation Reform Act of 1995, that provide Zealand Pharma’s
expectations or forecasts of future events, including
forward-looking statements about the Company’s intention to delist
the ADSs from Nasdaq Global Select Market and deregister the ADSs
and underlying ordinary shares with the SEC, and the impact thereof
on the market for the Company’s ordinary shares on Nasdaq
Copenhagen. Such forward-looking statements are subject to risks,
uncertainties and inaccurate assumptions, which may cause actual
results to differ materially from expectations set forth herein and
may cause any or all of such forward-looking statements to be
incorrect. If any or all of such forward-looking statements prove
to be incorrect, our actual results could differ materially and
adversely from those anticipated or implied by such statements. All
such forward-looking statements speak only as of the date of this
release and are based on information available to Zealand Pharma as
of the date of this release. Except as required by law, the Company
assumes no obligation to update these forward-looking statements
publicly.
Contact:
Anna Krassowska, PhDVice President, Investor Relations &
Corporate CommunicationsZealand PharmaEmail:
ank@zealandpharma.com
David Rosen (U.S. Media)Argot PartnersEmail:
media@zealandpharma.com
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