Motif Bio plc (AIM: MTFB) confirms that trading in the Company’s ordinary shares on AIM has been suspended with effect from 7.30 a.m. UK time today.
As stated in the announcement of 28 January 2020, the Company was classified as an AIM Rule 15 cash shell at that date and as such was required to make an acquisition or acquisitions which would constitute a reverse takeover under AIM Rule 14 (“Reverse Takeover”), or be re-admitted to trading on AIM as an investing company under the AIM Rules, on or before the date falling six months from 28 January 2020.
As neither a Reverse Takeover nor readmission to trading on AIM as an investing company under the AIM Rules have been completed, trading in the Company’s ordinary shares on AIM has now been suspended.
Trading will remain suspended until the completion of a Reverse Takeover, which requires the publication of an Admission Document and the approval of such a transaction at a General Meeting of the Company, or the Company is re-admitted to trading on AIM as an investing company.
If no such transaction is completed within six months the Company’s shares will be cancelled from trading on AIM pursuant to AIM Rule 41. There can be no assurance that the Company will be able to complete a Reverse Takeover during the six month suspension period.
The Board continues the evaluation of potential Reverse Takeover candidates and will make a further announcement at the appropriate time.
As previously announced, the Company has appointed Crowe U.K. LLP as their auditor. The Company expects to complete the audit process and announce its annual results for the year ended 31 December 2019 in the second half of August.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
