4th Apr 2023 09:08
(Alliance News) - Okyo Pharma Ltd on Tuesday said it has applied to the UK Financial Conduct Authority and the London Stock Exchange PLC to delist its shares from London's Main Market and the standard segments of the FCA's official list.
Okyo is a UK-based preclinical biopharmaceutical company focusing on the discovery and development of novel molecules to treat inflammatory dry eye diseases and chronic pain.
It said it made the decision to cancel its listing as the number of shares trading on the Main Market is "negligible and does not justify the associated costs".
The company said it is required to give notice of 20 business days of its intended listing cancellation, with the delisting expected to take place on May 12.
Okyo said the cancellation of its shares on the Main Market will have no effect on its American Depository Shares, each representing 65 ordinary shares, which trade on the Nasdaq exchange.
The company said it will propose to consolidate every 65 existing ordinary shares into one new share of no par value to match its ADS ration, and upon delisting it will collapse its ADS, and directly list the new ordinary shares on Nasdaq in place of the ADSs.
Okyo Pharma shares fell 18% to 1.68 pence each in London on Tuesday morning.
By Harvey Dorset, Alliance News reporter
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