Aurinia Pharmaceuticals Announces Delisting from the Toronto Stock Exchange
Aurinia Pharmaceuticals (NASDAQ: AUPH) will voluntarily delist its common shares from the Toronto Stock Exchange effective July 30, 2021. This decision follows that over 94% of its trading volume over the past year occurred on the Nasdaq. The company believes that maintaining a dual listing is no longer justified by trading volume and expects the transition to a single listing to enhance shareholder value. The Nasdaq will continue to offer adequate trading access for Canadian investors. Shareholder approval is not needed due to the presence of an acceptable alternative market.
- Over 94% of AUPH's daily trading volume occurred on Nasdaq, justifying the delisting from TSX.
- The single listing on Nasdaq is expected to reduce costs and improve operational efficiency.
- None.
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH / TSX: AUP) (Aurinia or the Company), a commercial stage biopharmaceutical company advancing therapies for severe autoimmune diseases, announced today it will voluntarily delist the common shares of the Company from the Toronto Stock Exchange (TSX) effective as of the close of trading on July 30, 2021. The Company’s common shares will no longer be traded on the TSX but will continue to trade on the Nasdaq Capital Market (Nasdaq) under the symbol AUPH.
Trading on the Nasdaq accounted for approximately 94 percent of Aurinia’s daily trading volume over the past 12 months. Therefore, the Company believes that the trading volume of its shares on the TSX no longer justifies the expense and administrative efforts associated with maintaining a dual listing. The Company is confident that the transition to a single listing will help deliver better value to its shareholders, employees and of course, the patient and HCP communities it serves. Pursuant to Sec. 720(b) of the TSX Company Manual, shareholder approval is not required as an acceptable alternative market exists for the listed securities.
Most brokers in Canada, including discount and online brokers, have the ability to buy and sell securities listed on Nasdaq. Therefore, the Company’s Nasdaq listing will continue to provide shareholders with the same accessibility to trade the Company’s common shares. The value of investor shares or stock options is not related to or dependent on the TSX listing. Shareholders holding shares or options in Canadian brokerage accounts should contact their brokers to confirm how to trade the Company’s shares on the Nasdaq.
About Aurinia
Aurinia Pharmaceuticals is a fully integrated biopharmaceutical company focused on delivering therapies to treat targeted patient populations that are impacted by serious diseases with a high unmet medical need. The Company’s head office is in Victoria, British Columbia, its U.S. commercial hub is in Rockville, Maryland, and the Company focuses its development efforts globally.
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FAQ
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