Spexis expects SIX to delist shares of Spexis on the SIX exchange imminently. – Biotech Investments

Ad hoc announcement pursuant to Art. 53 LR

Allschwil, Switzerland, 4 November 2024

Spexis expects SIX to delist shares of Spexis on the SIX exchange imminently.

Spexis AG (SIX: SPEX), a clinical-stage biopharmaceutical company focused on macrocycle therapeutics for rare diseases and oncology, today announced that it expects the Swiss SIX exchange to delist the shares of Spexis imminently.

Relevant background to the above is provided as follows: 

1. As reported by the Company on 22 July 2024 and made effective by SIX on 30 July, 2024, trading in the Company’s shares on the SIX exchange were suspended due to the Company’s inability to publish audited 2023 and half-year (through June 30, 2024) financial results, for the reasons reported in the referenced 22 July 2024 report.
    
2. Furthermore, according to the SIX Listing Rules (“LR”), Art. 58 para. 1 point 4, if trading has been suspended for a continuous three-month period, and the reasons for the suspension continue to exist, the SIX Regulatory Board may cancel the listing of securities.
    
3. No annual report 2023 in accordance with Art. 49 LR and no interim (semi-annual) report 2024 in accordance with Art. 50 LR have been published yet. Additionally, as of today, 4 November 2024, trading in shares of Spexis Ltd have been suspended for a continuous three-month period and the reasons for the suspension continue to exist.
    
4. Accordingly, suspension of trading in the shares of Spexis Ltd according to Art. 57 LR will continue until the public announcement of the delisting by SER, which is expected imminently. 

Jeff Wager MD, Chair & CEO of Spexis, commented on this development as follows, “While of course delisting from SIX will be a materially negative event, it is not wholly unexpected and does not deter us from continuing to pursue options that will enable the Company to emerge from our moratorium status.  The Company has the right to appeal any forthcoming decision by SIX to delist its shares, and while the probability is low that Spexis will pursue such an appeal, we will reserve deciding upon such an option pending evolution of ongoing discussions with prospective investors.  However, in any event of permanent delisting, our plan is to nonetheless pursue solutions to its moratorium status as a private company.”

About Spexis

Spexis (SIX: SPEX) is a clinical-stage biopharmaceutical company based in Allschwil, Switzerland, focused on macrocycle therapeutics for rare diseases and oncology. For further information please visit: www.spexisbio.com.
 

For further information please contact:

Disclaimer

This press release contains forward-looking statements which are based on current assumptions and forecasts of Spexis management. Known and unknown risks, uncertainties, and other factors could lead to material differences between the forward-looking statements made here and the actual development, in particular Spexis’ results, financial situation, and performance. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Spexis disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.