Akers Biosciences, Inc. Intention to Delist from AIM (0299L)
December 19 2018 - 11:45AM
UK Regulatory
TIDMAKR
RNS Number : 0299L
Akers Biosciences, Inc.
19 December 2018
December 19, 2018
Akers Biosciences, Inc.
Intention to Delist from the AIM Market of the London Stock
Exchange
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), (the
"Company" or "Akers Bio"), a developer of rapid health information
technologies, announces its intention to seek shareholders'
approval in due course for the cancellation of admission of the
Company's Common Shares to trading on the AIM market of the London
Stock Exchange (the "Delisting").
Since the admission of the Company's shares to trading on Nasdaq
Capital Market ("Nasdaq") in 2014, the liquidity of its shares on
AIM has become relatively low, with greater than 99 per cent of the
average daily trading volume of the Company's Common Shares in 2017
and in 2018 to date being conducted on Nasdaq.
The Board of Directors believes the proportion of Common Shares
on the Jersey (Channel Islands) Register in comparison to that on
the US Register, and the relatively low liquidity in the Company's
stock on AIM, does not merit the ongoing costs and regulatory
complexities associated with maintaining the AIM listing.
Accordingly, the Board of Directors considers a Delisting to be
in the best interest of Shareholders. The Company's shares will
continue to trade on Nasdaq.
The Company will in due course initiate proceedings with respect
to the Delisting, with a view to completing the process by March
31, 2019; and will provide further information in an announcement
and shareholder circular in due course.
The Company further announces that finnCap Ltd, the Company's
Nominated Adviser and Broker on the AIM Market of the London Stock
Exchange, has agreed to extend its notice period from January 5,
2019 to March 31, 2019 so as to allow the Company sufficient time
to convene a shareholder meeting to vote on the Delisting and, if
passed, to proceed with the cancellation of its AIM listing.
Inquiries:
Akers Biosciences, Inc.
Howard R. Yeaton, Chief Executive Officer and Interim Chief
Financial Officer
Tel. +1 856 848 8698
finnCap (UK Nominated Adviser and Broker)
Ed Frisby / Scott Mathieson (Corporate Finance)
Tel. +44 (0)20 7220 0500
Vigo Communications (Global Public Relations)
Ben Simons / Fiona Henson
Tel. +44 (0)20 7390 0234
Email: akers@vigocomms.com
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening
and testing products designed to deliver quicker and more
cost-effective healthcare information to healthcare providers and
consumers. The Company has advanced the science of diagnostics
while responding to major shifts in healthcare through the
development of several proprietary platform technologies. The
Company's state-of-the-art rapid diagnostic assays can be performed
virtually anywhere in minutes when time is of the essence. The
Company has aligned with major healthcare companies and high volume
medical product distributors to maximize product offerings, and to
be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be
found at www.akersbio.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements reflect the Company's expectations about its future
operating results, performance and opportunities that involve
substantial risks and uncertainties. Such statements may include,
without limitation, statements with respect to the Company's plans,
compliance with the requirements of various regulatory agencies and
certain NASDAQ Stock Market listing rules, objectives, projections,
expectations and intentions and other statements identified by
words such as "projects," "may," "will," "could," "would," "should,
" "believes," "expects," "anticipates," "estimates," "intends,"
"plans," "potential" or similar expressions, as they relate to the
Company, its subsidiaries, or its management. These statements are
based upon the current beliefs and expectations of the Company's
management and are subject to significant risks and uncertainties,
including those detailed in the Company's filings with the
Securities and Exchange Commission. Actual results, performance,
prospects, and opportunities to may differ materially from those
set forth in, or implied by, the forward-looking statements. These
forward-looking statements involve certain risks and uncertainties
that are subject to change based on various factors (many of which
are beyond the Company's control). The Company undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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