Forward Pharma Announces Expected Delisting of its American Depositary Shares from the Nasdaq Capital Market

Rhea-AI Summary

Forward Pharma A/S (NASDAQ:FWP) announced it received a notice from Nasdaq on December 16, 2022, stating that the company is considered a 'public shell' under Listing Rule 5101. Consequently, Nasdaq will suspend trading of Forward's American Depositary Shares on December 28, 2022, and will file a Form 25-NSE to remove its securities from listing. Forward does not plan to appeal Nasdaq's decision and intends to request suspension of its reporting obligations by filing a Form 15 with the SEC.

Positive

• None.

Negative

• Company classified as a 'public shell' by Nasdaq, threatening its trading status.
• Trading of American Depositary Shares to be suspended on December 28, 2022, indicating potential loss of investor confidence.
• Filing Form 25-NSE with the SEC suggests a complete removal from the Nasdaq Stock Market.
• Company will suspend its reporting obligations, limiting financial transparency.

COPENHAGEN, Denmark, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Forward Pharma A/S (NASDAQ:FWP) (“we” or “Forward”), today announced that that on December 16, 2022 it received written notice from The Nasdaq Stock Market LLC (“Nasdaq”) notifying us that Nasdaq believes that Forward is a "public shell" pursuant to Listing Rule 5101, and that the continued listing of its securities is no longer warranted. We will not appeal this determination. Therefore, we expect the trading of our American Depositary Shares on The Nasdaq Capital Market to be suspended at the opening of business on December 28, 2022, and that Nasdaq will file a Form 25-NSE with the U.S. Securities and Exchange Commission (the “SEC”), which will remove Forward’s securities from listing and registration on The Nasdaq Stock Market. Additionally, we intend to file with the SEC a Form 15 requesting the suspension of Forward’s reporting obligations.

Forward Pharma A/S Investor Relations Contact:

Forward Pharma A/S
Claus Bo Svendsen, MD, PhD
Chief Executive Officer
Investor Relations
investors@forward-pharma.com

Forward Pharma A/S

FAQ

What did Forward Pharma announce on December 16, 2022?

Forward Pharma announced that it received a notice from Nasdaq stating it is classified as a 'public shell'.

What will happen to Forward Pharma's shares on December 28, 2022?

Forward Pharma's American Depositary Shares will be suspended from trading on the Nasdaq.

Is Forward Pharma appealing Nasdaq's decision?

No, Forward Pharma stated it will not appeal Nasdaq's determination.

What filing will Forward Pharma make with the SEC?

Forward Pharma intends to file a Form 15 to request the suspension of its reporting obligations.

What does it mean to be labeled as a 'public shell' by Nasdaq?

Being labeled a 'public shell' indicates the company has minimal operations and may not meet the criteria for continued listing.