Mountain Province Diamonds Announces Voluntary Delisting from Nasdaq Stock Exchange
TSX and NASDAQ: MPVD
TORONTO and NEW YORK, Jan. 30, 2020 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX and NASDAQ: MPVD) today announces that pursuant to its press release of August 13th, 2019, the Company has notified Nasdaq Stock Market LLC ("Nasdaq") of its intention to voluntarily delist its common shares from Nasdaq Stock Exchange ("NASDAQ").
The Company is currently out of compliance with Nasdaq Listing Rule 5450(a)(1) which requires listed securities to maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. The Company has the option to apply for an additional 6 months extension from NASDAQ for continued listing subject to conditions, in order to regain minimum bid price of US$1.00 per share. However, given that trading on the Toronto Stock Exchange ("TSX") accounts for a vast majority of the Company's current daily trading volume, the costs associated with maintaining this listing are no longer justified.
The Company also expects to file a Form 25 with the Securities and Exchange Commission (the "SEC") on February 10th, 2020, and the delisting of the Company's shares is expected to be effective ten days thereafter. Accordingly, the Company anticipates that the last day of trading for the Company's shares on the NASDAQ will be on or about February 10th, 2020 and that the shares will be suspended from trading prior to market open on February 11th, 2020. The delisting will not affect the Company's continuing obligation to file required reports with the SEC. However, the Company also announced that it currently intends at a future date, when permitted under SEC rules, to terminate the registration of the Company's shares with the SEC.
The Company's shares will continue to trade on the TSX after the NASDAQ delisting becomes effective. The Company will comply with, and continue to be subject to, the laws of the Province of Ontario, Canada, the jurisdiction in which the Company is incorporated, as well as Canadian securities laws and corporate governance rules applicable to Canadian publicly listed companies, including the rules of the TSX.