Celyad Oncology Announces Intention to Terminate SEC Reporting Obligations
Celyad Oncology announces voluntary filing of Form 15F with the SEC to terminate its reporting obligations, maintaining listing on Euronext Brussels and Euronext Paris.
The decision by Celyad Oncology to terminate its SEC reporting obligations could be indicative of a strategic shift that may have several financial implications. The cessation of filing requirements will reduce regulatory compliance costs, potentially improving the company's profit margins. However, this move might also limit the company's visibility and transparency among U.S. investors, possibly affecting the liquidity and volatility of its shares. It is pertinent to analyze the company's financial health and recent performance to assess the potential reasons behind this decision and its alignment with shareholder interests.
From a market perspective, Celyad Oncology's delisting from the SEC could reflect broader trends in the biotech industry, where companies are evaluating the cost-benefit ratio of being subject to U.S. regulatory scrutiny versus operating under different jurisdictions. This move might be part of a larger trend where companies seek to consolidate their investor base geographically or focus on markets where they perceive a more favorable investment climate. The impact on the stock could vary; some investors might view this as a negative signal about the company's prospects, while others might anticipate cost savings to reinvest in core business activities.
Legally, the process of deregistration from the SEC is governed by strict rules. Celyad's filing of Form 15F will initiate a 90-day period during which the deregistration will become effective unless the SEC accelerates the process. This action must be understood in the context of the legal framework of securities regulation, which imposes significant disclosure and governance obligations on registered companies. The company's right to delay, withdraw, or change plans regarding the deregistration signals a cautious approach, ensuring flexibility to adapt to any new developments that may arise during this transitional period.
02/08/2024 - 04:01 PM
MONT-SAINT-GUIBERT, Belgium --(BUSINESS WIRE)--
Regulatory News:
Celyad Oncology SA (Euronext: CYAD) (“Celyad Oncology” or the “Company”) announces that it will voluntarily file a Form 15F with the United States Securities and Exchange Commission (the “SEC”) to terminate its SEC reporting obligations under Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Upon filing of the Form 15F, the Company’s SEC reporting obligations will be immediately suspended, and the Company will not be required to file an Annual Report on Form 20-F for the 2023 fiscal year ending on December 31, 2023. Deregistration and the termination of the Company’s duty to file reports under the Exchange Act are expected to be final and effective 90 calendar days after the filing of Form 15F, or within such shorter period as the SEC may determine.
The Company will maintain the listing of its ordinary shares on Euronext Brussels and Euronext Paris.
The Company reserves the right, for any reason, to delay the Form 15F filing, to withdraw the filing prior to effectiveness, and to otherwise change its plans in respect of deregistration and termination of its reporting obligations under applicable U.S. federal securities laws in any way.
About Celyad Oncology
Celyad Oncology is a cutting-edge biotechnology company dedicated to pioneering the discovery and advancement of revolutionary technologies for chimeric antigen receptor (CAR) T-cells. Its primary objective is to unlock the potential of its proprietary technology platforms and intellectual property, enabling to be at the forefront of developing next-generation CAR T-cell therapies. By fully leveraging its innovative technology platforms, Celyad Oncology aims to maximize the transformative impact of its candidate CAR T-cell therapies and redefine the future of CAR T-cell treatments. Celyad Oncology is based in Mont-Saint-Guibert, Belgium . For more information, please visit www.celyad.com .
Forward-looking statements
This release may contain forward-looking statements, within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding beliefs about and expectations for the Company’s updated strategic business model, including associated potential benefits, transactions and partnerships, statements regarding the potential value of the Company’s IP, and statements regarding the termination of the SEC reporting obligations of the Company. The words “will,” “believe,” “potential,” “continue,” “target,” “project,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this release are based on management’s current expectations and beliefs and are subject to a number of known and unknown risks, uncertainties and important factors which might cause actual events, results, financial condition, performance or achievements of Celyad Oncology to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks related to the material uncertainty about the Company’s ability to continue as a going concern; the Company’s ability to realize the expected benefits of its updated strategic business model; the Company’s ability to develop its IP assets and enter into partnerships with outside parties; the Company’s ability to enforce its patents and other IP rights; the possibility that the Company may infringe on the patents or IP rights of others and be required to defend against patent or other IP rights suits; the possibility that the Company may not successfully defend itself against claims of patent infringement or other IP rights suits, which could result in substantial claims for damages against the Company; the possibility that the Company may become involved in lawsuits to protect or enforce its patents, which could be expensive, time-consuming, and unsuccessful; the Company’s ability to protect its IP rights throughout the world; the potential for patents held by the Company to be found invalid or unenforceable; and other risks identified in Celyad Oncology’s U.S. Securities and Exchange Commission (SEC) filings and reports, including in the latest Annual Report on Form 20-F filed with the SEC and subsequent filings and reports by Celyad Oncology. These forward-looking statements speak only as of the date of publication of this document and Celyad Oncology’s actual results may differ materially from those expressed or implied by these forward-looking statements. Celyad Oncology expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law or regulation.
Source: Celyad Oncology SA
View source version on businesswire.com: https://www.businesswire.com/news/home/20240208055379/en/
Celyad Oncology Contacts:
Investor & Media Contact:
investors@celyad.com
communications@celyad.com
Source: Celyad Oncology SA
What is Celyad Oncology's ticker symbol?
The ticker symbol for Celyad Oncology is CYAD.
What is the purpose of Celyad Oncology filing Form 15F with the SEC?
Celyad Oncology is filing Form 15F with the SEC to terminate its reporting obligations under the Exchange Act.
Will Celyad Oncology be required to file an Annual Report on Form 20-F for the 2023 fiscal year?
No, Celyad Oncology will not be required to file an Annual Report on Form 20-F for the 2023 fiscal year.
What will happen to Celyad Oncology's SEC reporting obligations after filing Form 15F?
Upon filing of Form 15F, Celyad Oncology's SEC reporting obligations will be immediately suspended.
Where will Celyad Oncology maintain the listing of its ordinary shares?
Celyad Oncology will maintain the listing of its ordinary shares on Euronext Brussels and Euronext Paris.
