Onxeo has received approval for the delisting from Nasdaq Main Market Copenhagen and the concurrent admission to trading on Nasdaq First North Growth Market Denmark
- Last day of trading on Nasdaq Copenhagen will be 11 December 2020 and the first day of trading on Nasdaq First North Growth Market Denmark will be 14 December 2020
Paris (France), November 30, 2020 – 10:20 am CEST - Onxeo S.A. (Euronext Paris, NASDAQ Copenhagen: ONXEO), (“Onxeo” or “the Company”), a clinical-stage biotechnology company specializing in the development of innovative drugs targeting tumor DNA Damage response (DDR), in particular against rare or resistant cancers, has received approval for the delisting from Nasdaq Main Market Copenhagen and the concurrent admission to trading on Nasdaq First North Growth Market Denmark.
As described in company announcement on 27 November 2020, Onxeo has applied for admission to trading on Nasdaq First North Growth Market Denmark and the concurrent delisting from Nasdaq Main Market Copenhagen.
Nasdaq Copenhagen has today notified the Company of their approval of the applications.
As a result the last trading day on Nasdaq Main Market Copenhagen will be 11 December 2020 and the first day of trading on Nasdaq First North Growth Market Denmark will be 14 December 2020.
The Company will no longer be subject to the disclosure requirements in the Capital Markets Act (“Kapitalmarkedsloven”) and shareholders will no longer be required to inform about their shareholdings according to the Capital Markets Act. Instead the Company will be subject to the rules of the Nasdaq First North Growth Market Rulebook that does not have the same company disclosure requirements as the Capital Markets Act and does not require shareholders to report their shareholdings in the Company.
The Company will continue to be subject to the rules and requirements of the Market Abuse Regulation.
Purpose of transfer
The purpose of both transfers is to allow Onxeo to be listed on a market which is more suitable to the Company’s size and its market capitalization. The transfers to Euronext Growth Paris and First North Growth Market should provide the Company with a regulatory framework that is better suited to a SME and reduce listing-related costs, while still benefiting from access to the financial markets.
Consequences for Onxeo shareholders
Nasdaq Main Market has the legal status of a regulated market, while Nasdaq First North Growth Market is legally considered a SME Growth Market, which is a Multilateral Trading Facility. Upon transfer from the Main Market to First North Growth Market, rules for Danish shareholders are not changed or different as regards taxes and pensions and there is no consequence on the tax treatment of capital gains and losses.
Non-Danish shareholders may be covered by other tax and pension rules, depending primarily on the tax residence of the shareholder and, among other things, on how and when the shareholder has invested in the company. These shareholders are therefore encouraged to seek independent advice in relation to the tax consequences from their own auditor and advice on pension deposits from their own bank.
Nasdaq First North Growth Market Disclaimer
Nasdaq First North Growth Market is a registered SME growth market, in accordance with the Directive on Markets in Financial Instruments (EU 2014/65) as implemented in the national legislation of Denmark, Finland and Sweden, operated by an exchange within the Nasdaq group. Issuers on Nasdaq First North Growth Market are not subject to all the same rules as issuers on a regulated main market, as defined in EU legislation (as implemented in national law). Instead they are subject to a less extensive set of rules and regulations adjusted to small growth companies. The risk in investing in an issuer on Nasdaq First North Growth Market may therefore be higher than investing in an issuer on the main market. All issuers with shares admitted to trading on Nasdaq First North Growth Market have a Certified Adviser who monitors that the rules are followed. The respective Nasdaq exchange approves the application for admission to trading.