Calliditas Therapeutics takes certain corporate actions following announcement by Asahi Kasei
Rhea-AI Summary
Calliditas Therapeutics AB (Nasdaq: CALT) has announced several corporate actions following Asahi Kasei 's acquisition of over 90% of its outstanding shares. The Board of Directors has resolved to:
- Apply for delisting of Calliditas' common shares from Nasdaq Stockholm
- Delist American Depositary Shares (ADSs) from Nasdaq Global Select Market
- File Form 25 with the SEC around September 13, 2024
- Deregister ADSs and suspend reporting obligations
- Terminate the depositary agreement and ADS program
An Extraordinary General Meeting is scheduled for September 30, 2024, to elect a new Board of Directors. The delisting of ADSs is expected to become effective around September 23, 2024.
Positive
- Asahi Kasei's acquisition of over 90% of Calliditas shares indicates strong investor interest
- Delisting and deregistration may reduce regulatory compliance costs for the company
Negative
- Delisting from Nasdaq Stockholm and Nasdaq Global Select Market may reduce liquidity for remaining shareholders
- Termination of ADS program could impact U.S. investor access to the stock
- Compulsory redemption of remaining shares may force minority shareholders to sell
News Market Reaction 1 Alert
On the day this news was published, CALT gained 3.56%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Delisting of Common Shares and Delisting, Deregistration, and Termination of ADS Program
In light of the above, and in accordance with a request from Asahi Kasei, the Board of Directors of Calliditas has resolved to apply for delisting of the Company's common shares (the "Common Shares") from Nasdaq Stockholm, as well as its American Depositary Shares ("ADSs") representing its Common Shares from the Nasdaq Global Select Market.
The last day of trading in the Common Shares on Nasdaq Stockholm will be announced as soon as Calliditas has received confirmation thereof from Nasdaq Stockholm.
The Company intends to file a Form 25 with the
Extraordinary General Meeting
As announced today by separate press release, the Board of Directors of Calliditas, at the request of Asahi Kasei, has convened an Extraordinary General Meeting to be held on September 30, 2024 for, among other things, the election of a new Board of Directors.
For further information, please contact:
Åsa Hillsten, Head of IR & Sustainability, Calliditas
Tel.: +46 76 403 35 43, Email: asa.hillsten@calliditas.com
The information was sent for publication, through the agency of the contact person set out above, on September 3, 2024 at 12:15. CEST.
About Calliditas
Calliditas Therapeutics is a biopharma company headquartered in
Forward-Looking Statements
This press release contains forward-looking statements concerning the Company, Asahi Kasei and the offers that involve a number of risks and uncertainties. Words such as "believes", "anticipates", "plans", "expects", "seeks", "estimates", and similar expressions are intended to identify forward-looking statements, but other statements that are not historical facts may also be deemed to be forward-looking statements. These forward-looking statements include statements about the Company's plans, objectives, expectations and intentions including the Company's intention to delist its securities from Nasdaq, deregister the ADSs, terminate the ADS program, convene an extraordinary general meeting, enter into certain agreements, and take other related actions. Although the Company believes its expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this company announcement about future events are subject to (i) change without notice and (ii) factors beyond the Company's control, including pursuant to regulatory intervention. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the Schedule 14D-9, the Company's Annual Report on Form 20-F and subsequent interim reports on Form 6-K, which are on file with the SEC and available at the SEC's website at www.sec.gov and on the "Investors" page of the Company's website, www.calliditas.se/en/investors/, under the heading "SEC Filings", and in any subsequent documents Calliditas files or furnishes with the SEC. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
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SOURCE Calliditas Therapeutics
FAQ
When will Calliditas Therapeutics (CALT) be delisted from Nasdaq Global Select Market?
What corporate actions is Calliditas Therapeutics (CALT) taking after Asahi Kasei's acquisition?
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What percentage of Calliditas Therapeutics (CALT) shares does Asahi Kasei control?
