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Lion to Withdraw Shares From Nasdaq; Investors Have Fewer Days to Surrender Their Stock

NEW YORK, Nov. 15 (GenomeWeb News) - Ending months of speculation in the bioinformatics industry, Lion Bioscience has decided to delist its American depositary shares from the Nasdaq exchange, the company said today.


The move, which also sees the German bioinformatics company terminate its American depository receipt facility, goes into effect at the close of trading on Dec. 22.


Holders of Lion stock will have 60 days--not 365 days as previously established--to "surrender" their ADSs. The deadline will now be Feb. 20, 2005. Lion shortened the deadline in order to hasten the cost savings at the heart of the decision to delist, a company spokesperson told GenomeWeb News. She described the move as "not atypical."


Lion said the move does not affect its "USoperations." In addition, the total number of Lion shares outstanding and the listing of its common bearer shares on the Prime Standard segment of the Frankfurt Stock Exchange "will not be affected by the planned actions," the company said.


"As soon as practicable" after the deadline, JPMorgan Chase Bank, which has been the depository for Lion's ADR facility, will sell on the German Stock Market those "underlying common shares" that have not been surrendered by that date, according to Lion.


The bank "will thereafter (as long as it may lawfully do so) hold the net proceeds of these sales under the deposit agreement, without liability for interest, for the pro rata benefit of the registered holders of the Lion ADSs that had not been surrendered," Lion said. 


Lion also said it intends to "seek to deregister the common shares underlying the ADSs, and the ADSs, under the Securities Exchange Act of 1934 ... as soon as possible after all remaining shares underlying unsurrendered ADSs have been sold by JP Morgan," the company said.


As GenomeWeb News reported in June, Lion said it began considering the delisting because its compliance and reporting costs would "significantly decrease" over the next years.

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