XTL Biopharmaceuticals Provides Favorable Update on NASDAQ Listing Process Listing Expected to Benefit the Company through Better Awareness, Access to Capital, and Increased Share Liquidity
HERZLIYA, Israel, September 24, 2012 /PRNewswire/ --
XTL Biopharmaceuticals Ltd. (TASE: XTL) (OTC: XTLBY) (the "Company"), a biopharmaceutical development company, announced today that it has approved a change in the ratio of its American Depositary Receipts ("ADRs") to ordinary shares in order to facilitate the Company's qualification for listing on the NASDAQ Capital Market. XTL and its advisors believe that following the ADR ratio change, the $4.00 ADR minimum bid price listing requirement will be fulfilled. In order to meet the applicable listing requirement, the ADR price must close at or above $4.00 per ADR at the time of listing and for 30 of the next 60 trading days following the ADR ratio change.
After giving effect to the ADR ratio change, every twenty shares of the Company's ordinary shares will be combined into one ADR of the Company (1:20 ratio). Bank of New York-Mellon (as ADR Depositary) estimates the effective date for the ADR ratio change to be October 4, 2012. The effectuation of the ADR ratio change will not adversely affect the rights of the holders of presently outstanding shares and ADRs that were issued before the ratio change.
Currently, in addition to trading on the Tel Aviv Stock Exchange, the ADRs of the Company are quoted over-the-counter in the US at a 1:2 ratio (2 ordinary shares per 1 ADR). In addition, the Company is registered with the Securities and Exchange Commission and discloses according to its legal obligations.
The Company will provide updates pursuant to any material developments regarding the listing through an immediate report.
About XTL Biopharmaceuticals,Ltd. ("XTL")
XTL Biopharmaceuticals, Ltd., a biopharmaceutical company, focuses on the acquisition, development, and commercialization of pharmaceutical products for the treatment of clinical unmet needs. XTL is focused on late stage clinical development of drugs for the treatment of multiple myeloma, schizophrenia, and hepatitis C.
XTL's lead drug candidate, rHuEPO, for the treatment of multiple myeloma blood cancer, was granted an orphan drug designation from the FDA. rHuEPO has been approved for marketing by the FDA and has for many years been sold for billions of dollars across the world for the treatment of severe anemia.
XTL is a public company traded on the Tel Aviv Stock Exchange (TASE: XTL) and its ADRs are quoted in the US on the Pink Sheets (OTC: XTLBY).
The Company's estimations for receiving approvals from Nasdaq and the information related to them, which are included in this Form 6-K, may be forward-looking statements as defined in the Israeli Securities law-1968, and they are based on the Company's current expectations. Their fulfilment, if at all, are affected by parameters that may not be foreseen and are beyond the Company's control, including delays in receiving approval from Nasdaq, and the conditions of the US and Israeli Stock Exchanges.
Investor Relations, XTL Biopharmaceuticals Ltd.
Tel: +972-9-955-7080, Email: email@example.com
SOURCE XTL Biopharmaceuticals Ltd