Lion said it expects this termination to become effective 90 days after its filing with the SEC. The filing frees the company from the obligation to file annual reports and other forms with the agency, Lion added.
The company will continue to provide shareholders financial information as required by the Frankfurt exchange and German law, Lion said.
As GenomeWeb News reported last year, Lion had delisted its American Depositary Shares from the Nasdaq National Market and terminated its American Depositary Receipt facility after the end of trading on Dec. 22. JP Morgan Chase Bank had sold on the German stock market "the underlying ordinary shares as to which [Lion's] ADSs had not been surrendered" to the bank by February 22, the statement said.
The bank will hold the proceeds of the sales for the pro rata benefit of registered holders of ADSs that have not been surrendered, and these holders may contact the JP Morgan for their share, the company added.
The total number of shares outstanding are unaffected by deregistration with the SEC, the company said.