Burning Rock Biotech Limited Announces Expected Delisting of American Depositary Shares

Rhea-AI Summary

Burning Rock Biotech has announced its intention to delist its American Depositary Shares (ADSs) from the London Stock Exchange (LSE) and cancel their listing on the Official List of the UK Financial Conduct Authority. The company cites sustained low trading volume and liquidity of its ADSs on the LSE as the primary reason for this decision, along with the costs associated with maintaining the listing. The delisting is expected to take effect on or around September 18, 2024. Importantly, Burning Rock's ADSs will continue to trade on the Nasdaq Global Market after the LSE delisting.

Positive

• ADSs will continue to trade on the Nasdaq Global Market
• Potential cost savings from delisting from LSE

Negative

• Delisting from London Stock Exchange may reduce global investor access
• Low trading volume and liquidity of ADSs on LSE indicates weak investor interest

News Market Reaction

-3.32%

1 alert

-3.32% News Effect

On the day this news was published, BNR declined 3.32%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

GUANGZHOU, China, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Burning Rock Biotech Limited (the “Company” or “Burning Rock”) announces that, on August 19, 2024, it intends to submit requests (a) to the London Stock Exchange (the “LSE”), to cancel the admission to trading on the Main Market of its American Depositary Shares representing the class A ordinary shares of the Company (the “ADSs”), and (b) to the UK Financial Conduct Authority, to cancel the listing of the ADSs on the Official List.

As a result of sustained low volume of trading and liquidity in the ADSs on the LSE, and taking into account the costs associated with maintaining such listing in place, the Company is seeking the delisting and cancellation of admission to trading of the ADSs from the LSE (the “Delisting”). It is anticipated that the Delisting will take effect on or about September 18, 2024.

Following the Delisting, the ADSs will continue to trade on the Nasdaq Global Market.

About Burning Rock

Burning Rock Biotech Limited (NASDAQ: BNR and LSE: BNR), whose mission is to Guard Life via Science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. Its business consists of i) NGS-based therapy selection testing for late-stage cancer patients, and ii) NGS-based cancer early detection, which has moved beyond proof-of-concept R&D into the clinical validation stage.

For more information about Burning Rock, please visit: www.brbiotech.com.

Contact: IR@brbiotech.com

FAQ

Why is Burning Rock Biotech (BNR) delisting from the London Stock Exchange?

Burning Rock Biotech is delisting from the LSE due to sustained low trading volume and liquidity of its ADSs, as well as the costs associated with maintaining the listing.

When will Burning Rock Biotech's (BNR) delisting from the London Stock Exchange take effect?

The delisting of Burning Rock Biotech's ADSs from the London Stock Exchange is expected to take effect on or about September 18, 2024.

Will Burning Rock Biotech (BNR) shares still be tradable after the LSE delisting?

Yes, Burning Rock Biotech's American Depositary Shares (ADSs) will continue to trade on the Nasdaq Global Market after the LSE delisting.

What actions is Burning Rock Biotech (BNR) taking regarding its LSE listing?

Burning Rock Biotech is submitting requests to cancel the admission to trading of its ADSs on the LSE's Main Market and to cancel the listing of the ADSs on the UK Financial Conduct Authority's Official List.