Mountain Province Diamonds Inc. announced that the company has notified Nasdaq Stock Market LLC ("Nasdaq") of its intention to voluntarily delist its common shares from Nasdaq Stock Exchange ("NASDAQ"). The Company is currently out of compliance with Nasdaq Listing Rule 5450(a)(1) which requires listed securities to maintain a minimum bid price of US$1.00 per share.
Mountain Province has the option to apply for an additional 6 months extension from NASDAQ for continued listing subject to conditions, in order to regain minimum bid price of US$1.00 per share. However, given that trading on the Toronto Stock Exchange ("TSX") accounts for a vast majority of the Company's current daily trading volume, the costs associated with maintaining this listing are no longer justified.
Image credit: NASDAQ
The Company anticipates that the last day of trading for the Company's shares on the NASDAQ will be on or about February 10th, 2020.
Mountain Province also announced that it currently intends at a future date, when permitted under the Securities and Exchange Commission (the "SEC") rules, to terminate the registration of the Company's shares with the SEC.
The Company's shares will continue to trade on the TSX after the NASDAQ delisting becomes effective.
The Company is currently evaluating alternative platforms for future listings in order to increase liquidity.
Alex Shishlo, Editor of the Rough&Polished European Bureau
