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BiomX Announces Voluntary Delisting from the Tel Aviv Stock Exchange
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
BiomX Inc. (NYSE American: PHGE) announced its decision to voluntarily delist from the Tel Aviv Stock Exchange (TASE), effective October 6, 2022. This move is based on a review of trading volumes and the costs associated with maintaining multiple exchange listings. BiomX believes that consolidating its listing to the NYSE American is in the best interest of shareholders. Following the delisting, all shares on the TASE will transition to continue trading on the NYSE American.
Positive
Consolidating trading on a single exchange could reduce costs for the company.
Continued listing on the NYSE American enhances liquidity for investors.
Negative
Potentially lower visibility for the company in the Israeli market after delisting from TASE.
BRANFORD, Conn. & NESS ZIONA, Israel--(BUSINESS WIRE)--
BiomX Inc. (NYSE American: PHGE) (“BiomX” or the “Company”), a clinical-stage microbiome company advancing novel natural and engineered phage therapies that target specific pathogenic bacteria, announced today that it is voluntarily delisting its shares of common stock from trading on the Tel Aviv Stock Exchange (the “TASE”).
Based upon a review of the recent trading volume of BiomX’s common stock on the TASE and the costs associated with maintaining a presence on more than one stock exchange, BiomX’s management and its Board of Directors have concluded that it would be in the best interests of shareholders to have BiomX’s common stock listed on a single stock exchange.
Under applicable Israeli law, the delisting of BiomX’s shares of common stock from trading on the TASE is expected to become effective in three months, on October 6, 2022. During this time, BiomX’s shares will continue to be traded on the TASE. Following the delisting of BiomX’s shares of common stock on the TASE, BiomX’s shares will continue to be listed on the NYSE American and all BiomX shares now traded on the TASE are expected to be transferred to the NYSE American where they can continue to be traded.
About BiomX
BiomX is a clinical-stage microbiome company developing both natural and engineered phage cocktails designed to target and destroy bacteria in the treatment of chronic diseases. BiomX discovers and validates proprietary bacterial targets and customizes phage compositions against these targets.
Additional information is available at www.biomx.com, the content of which does not form a part of this press release.
Safe Harbor
This press release contains express or implied “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. For example, when BiomX discusses its expectations regarding the timing and benefits of delisting from TASE and expectation of continued listing on the NYSE American, BiomX is making forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on BiomX management’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of BiomX’s control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements and should review the risks and uncertainties described under the caption “Risk Factors” in BiomX’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2022 and additional disclosures BiomX makes in its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Forward-looking statements are made as of the date of this press release, and, except as provided by law, BiomX expressly disclaims any obligation or undertaking to update forward-looking statements.
Why is BiomX delisting from the Tel Aviv Stock Exchange?
BiomX is delisting to streamline operations and reduce costs associated with maintaining multiple exchange listings. The delisting is effective from October 6, 2022.
What will happen to BiomX shares currently listed on the TASE?
Shares currently traded on the TASE will be transferred to the NYSE American after delisting.
What is BiomX's stock symbol on the NYSE?
BiomX's stock symbol on the NYSE is PHGE.
How is BiomX's decision expected to impact shareholders?
The decision to delist from TASE and focus on NYSE American aims to reduce operational costs and enhance liquidity for shareholders.
When is the delisting of BiomX from TASE effective?
The delisting from the Tel Aviv Stock Exchange is expected to become effective on October 6, 2022.
