Aceragen, Inc. to Delist from The Nasdaq Stock Market

Rhea-AI Summary

Aceragen, Inc. plans to voluntarily terminate its listing on Nasdaq and transfer its assets to an assignee for the benefit of creditors. The company expects to file a Form 25 with the SEC on August 15, 2023. This decision is subject to stockholder approval of the Assignment Proposal.

Positive

• Aceragen, Inc. intends to transfer its assets to an assignee for the benefit of creditors, which could potentially help address financial obligations and improve the company's financial position.

Negative

• The voluntary termination of the listing on Nasdaq may negatively impact the liquidity and visibility of Aceragen, Inc.'s common stock.

DURHAM, N.C. and EXTON, Pa., Aug. 04, 2023 (GLOBE NEWSWIRE) -- Aceragen, Inc. (the “Company”) (Nasdaq: ACGN), announced today that the Company intends to voluntarily terminate the listing of its common stock on the Nasdaq Capital Market (“Nasdaq”) by filing a Form 25 with the Securities and Exchange Commission (the “SEC”) on or about August 15, 2023. As previously disclosed, on August 14, 2023, the Company expects to hold a special meeting seeking stockholder approval to effect a transfer and assignment of substantially all of the Company’s assets to an assignee for the benefit of creditors (the “Assignment Proposal”). Subject to stockholder approval of the Assignment Proposal, and in order to ensure an orderly delisting process, the Company has determined to voluntarily terminate the listing of its common stock on the Nasdaq by filing a Form 25 with the SEC on or about August 15, 2023.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release, including, without limitation, statements regarding the Company’s intention to file a Form 25 with the SEC, are forward-looking statements. The words “believes,” “anticipates,” “estimates,” “plans,” “expects,” “intends,” “may,” “could,” “should,” “potential,” “likely,” “projects,” “continue,” “will,” “schedule,” and “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on our current expectations and projections about future events and various assumptions. We cannot guarantee that we will achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may be beyond our control. All forward-looking statements included in this press release are made as of the date hereof and are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and otherwise in the Company’s subsequent filings and reports filed with the SEC. The Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by law.

Contact:
Aceragen, Inc.
John Taylor 
Jtaylor@aceragen.com

FAQ

What is Aceragen, Inc. planning to do with its listing on Nasdaq?

Aceragen, Inc. plans to voluntarily terminate its listing on Nasdaq.

When does Aceragen, Inc. expect to file a Form 25 with the SEC?

Aceragen, Inc. expects to file a Form 25 with the SEC on or about August 15, 2023.

What is the Assignment Proposal?

The Assignment Proposal involves the transfer and assignment of substantially all of Aceragen, Inc.'s assets to an assignee for the benefit of creditors.

What is the potential impact of the voluntary delisting on Aceragen, Inc.'s stock?

The voluntary delisting may negatively impact the liquidity and visibility of Aceragen, Inc.'s common stock.

What are the risks associated with Aceragen, Inc.'s forward-looking statements?

The forward-looking statements made by Aceragen, Inc. are subject to known and unknown risks, uncertainties, and other factors that may be beyond the company's control.