TORONTO, ON / ACCESSWIRE / May 22, 2018 / Intellipharmaceutics International Inc. (NASDAQ: IPCI and TSX: IPCI) ("Intellipharmaceutics" or the "Company"), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, today announced that it has received notice from the Nasdaq Hearings Panel granting its request for continued listing until September 28, 2018 while the Company works to regain compliance with Nasdaq's requirements.
At a hearing held on May 17, 2018, the Company presented its plan to regain and maintain compliance with Nasdaq's continued listing requirements. The Panel granted the Company's request for continued listing, subject to the following relevant conditions. On or before September 28, 2018, the Company must comply with the $1.00 bid price requirement by having a closing bid price of over $1.00 for ten prior consecutive trading days. The Company must also have by September 28, 2018 a stockholders' equity position of over $2.5 million. Finally, the Company must by that date provide the Panel with updated financial projections demonstrating its ability to maintain compliance with the stockholders' equity rule for the coming year. There is no assurance that the Company will be able to regain compliance with the Nasdaq requirements, or if it does, that the Company will be able to maintain such compliance.
About Intellipharmaceutics
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this document constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and/or "forward-looking information" under the Securities Act (Ontario). These statements include, without limitation, statements expressed or implied regarding our expectations regarding our plans, goals and milestones, status of developments or expenditures relating to our business, plans to fund our current activities, and statements concerning our partnering activities, health regulatory submissions, strategy, future operations, future financial position, future sales, revenues and profitability, projected costs and market penetration and risks or uncertainties related to our ability to implement our plan of compliance with the Nasdaq continued listing standards. In some cases, you can identify forward-looking statements by terminology such as "appear", "unlikely", "target", "may", "will", "should", "expects", "plans", "plans to", "anticipates", "believes", "estimates", "predicts", "confident", "prospects", "potential", "continue", "intends", "look forward", "could", "would", "projected", "set to", "seeking" or the negative of such terms or other comparable terminology. We made a number of assumptions in the preparation of our forward-looking statements. You should not place undue reliance on our forward-looking statements, which are subject to a multitude of known and unknown risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those stated in or implied by the forward-looking statements. Risks and uncertainties relating to us and our business can be found in the "Risk Factors" section of our latest annual information form, our latest Form 20-F, and our latest Form F-3 (including any documents forming a part thereof or incorporated by reference therein), as well as in our reports, public disclosure documents and other filings with the securities commissions and other regulatory bodies in Canada and the U.S., which are available on www.sedar.com and www.sec.gov. The forward-looking statements reflect our current views with respect to future events and are based on what we believe are reasonable assumptions as of the date of this document and we disclaim any intention and have no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Trademarks used herein are the property of their respective holders.
Company Contact:
Intellipharmaceutics International Inc.
Andrew Patient
Chief Financial Officer
416.798.3001 ext. 106
[email protected]
Investor Contact:
ProActive Capital
Kirin Smith
646.863.6519
[email protected]
SOURCE: Intellipharmaceutics International Inc.