Full Press Release Details
("Midatech", "Company"
NASDAQ Minimum Bid Price Extension
Midatech Pharma (AIM: MTPH, Nasdaq: MTP), the R&D company
focused on delivering innovative oncology and rare disease products to patients, announces that, as previously disclosed, on 1
May, 2018, Midatech Pharma PLC (the "Company") received a letter ("Notification Letter") from The Nasdaq
Stock Market LLC ("NASDAQ") providing notification that, for the previous 30 consecutive business days, the bid price
for the Company's American Depositary Shares had closed below the minimum $1.00 bid price per share requirement for continued
listing on The NASDAQ Capital Market under NASDAQ Listing Rule 5550(a)(2). Each American Depositary Share represents two ordinary
shares of the Company.
On 30 October 2018, the Company was notified by
NASDAQ that its American Depositary Shares have not regained the minimum $1.00 bid price per share requirement within the
180 calendar days following receipt of the Notification Letter. However, NASDAQ has determined that the Company is eligible
for an additional 180 calendar day period, pursuant to NASDAQ Listing Rule 5810(c)(3)(A), or until 29 April 2019, to regain
the minimum $1.00 bid price per share requirement. This will be met, if at any time during this 180 days period, the closing
bid price of the Company's American Depositary Shares is at least $1.00 for a minimum of ten consecutive business days.
The Company's ordinary shares are listed on the AIM Market
of the London Stock Exchange, and the Notification Letter from NASDAQ does not affect the Company's compliance status with
For more information, please contact:
Panmure Gordon (UK) Limited (Nominated Adviser and Broker)
Corporate finance: Freddy Crossley / Emma Earl
Corporate broking: James Stearns
Consilium Strategic Communications (Financial PR)
Mary Jane Elliott / Nicholas Brown / Angela Gray
Westwicke Partners (US Investor Relations)
Midatech Pharma (LSE AIM: MTPH; NASDAQ:
MTP) is an R&D company focused on delivering innovative oncology and rare disease products to patients. The Company is developing
a range of improved chemotherapeutics or new immunotherapeutics, using its three proprietary platform drug delivery technologies,
all of which are in the clinic, specifically:
Each of our three technologies are thus
focussed on improved bio-delivery and bio-distribution of medicines or agents to areas of the body where they are needed and can
exert their actions in an effective, safe and precise manner.
Midatech is headquartered in Oxfordshire,
with an R&D facility in Cardiff and a manufacturing operation in Bilbao, Spain. For more information please visit www.midatechpharma.com.
in this press release may constitute "forward-looking statements" within the meaning of legislation in the United Kingdom
and/or United States. Such forward-looking statements include, but are not limited to, statements expressed or implied regarding
our plans, goals and milestones, including those related to the Company's intentions in response to the Notification Letter,
the Company's continued compliance with the NASDAQ Listing Rules, and the Company's intentions during the compliance
period and after. Any forward-looking statements are based on currently available competitive, financial and economic data
together with management's views and assumptions regarding future events and business performance as of the time the statements
are made and are subject to risks and uncertainties. We wish to caution you that there are some known and unknown factors
that could cause actual results to differ materially from any future results, performance or achievements expressed or implied
by such forward-looking statements.
be made to those documents that Midatech shall file from time to time or announcements that may be made by Midatech in accordance
with the London Stock Exchange AIM Rules for Companies ("AIM Rules"), the Disclosure and Transparency Rules ("DTRs")
and the rules and regulations promulgated by the US Securities and Exchange Commission, which contains and identifies other important
factors that could cause actual results to differ materially from those contained in any projections or forward-looking statements.
These forward-looking statements speak only as of the date of this announcement. All subsequent written and oral forward-looking
statements by or concerning Midatech are expressly qualified in their entirety by the cautionary statements above. Except as may
be required under the AIM Rules or the DTRs or by relevant law in the United Kingdom or the United States, Midatech does not undertake
any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise