Intellipharmaceutics International Inc. (IPCI)

[WeeZuhl]

Intellipharmaceutics Receives Nasdaq Listing Determination; To Begin Trading on the OTC Markets System


https://www.intellipharmaceutics.com/news-media/press-releases/detail/196/intellipharmaceutics-receives-nasdaq-listing-determination

TORONTO, ON / ACCESSWIRE / March 19, 2019 / Intellipharmaceutics International Inc. (Nasdaq and TSX: IPCI) ("Intellipharmaceutics" or the "Company"), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, announced that today the Company received formal notice that the Nasdaq Hearings Panel had determined to delist the Company's shares from The Nasdaq Stock Market LLC ("Nasdaq") based upon the Company's non-compliance with the $1.00 bid price requirement, as set forth in Nasdaq Listing Rule 5550(a)(2). The suspension of trading on Nasdaq will take effect with the open of business on Thursday, March 21, 2019.

Intellipharmaceutics will remain a public company and anticipates that its shares will be eligible to trade publicly on the OTCQB Venture Market, which is operated by the OTC Markets Group Inc., commencing on Thursday, March 21, 2019. The Company's stock will retain the ticker symbol "IPCI." The Company is also listed on the Toronto Stock Exchange and the Company's non-compliance with Nasdaq's bid price requirement does not impact the Company's listing or trading status on that exchange.

The notice indicated that Nasdaq will ultimately effect the formal delisting of the Company's shares by filing a Form 25 - Notification of Delisting with the Securities and Exchange Commission after all applicable Nasdaq appeal and review periods have expired. The Company does not intend to appeal the delisting determination.