Mountain Province Diamonds Inc. has notified the Nasdaq Stock Market LLC that it intends to voluntarily delist its common shares from Nasdaq Stock Exchange (NASDAQ). The Company’s shares will continue to trade on the Toronto Stock Exchange (TSX) after the NASDAQ delisting becomes effective.
The company said it is currently out of compliance with the rule requiring listed securities to maintain a minimum bid price of $1 per share. Mountain Province can apply for an additional six-month extension for continued listing. However, the miner said that because most of its trading takes place on the TSX, it can no longer justify the cost of maintaining its listing on the NASDAQ.
Mountain Province said it also expects to file a Form 25 with the Securities and Exchange Commission (the SEC) on February 10, with the delisting of its shares expected to be effective 10 days later.
It also announced that when SEC rules permit, to terminate the registration of its shares with the SEC.
The miner is evaluating alternative platforms for future listings in order to increase liquidity.
News Source: idexonline