ENGLEWOOD, Colo., March 25,
2024 /PRNewswire/ -- Ampio Pharmaceuticals, Inc.
(NYSE American: AMPE) (the "Company" or "Ampio") today
announced that its Board of Directors determined to
voluntarily delist its common stock from the NYSE American and
deregister its common stock in order to terminate and suspend its
reporting obligations under the Securities and Exchange Act of
1934, as amended (the "Exchange Act").
The Company today notified the NYSE American of its intention to
voluntarily delist its shares of common stock from the NYSE
American. The Company intends to file a Form 25 with the Securities
and Exchange Commission ("SEC") to effect the delisting and
deregistration of its common stock on or about April 4, 2024 and the delisting is expected to
become effective on or about April 14,
2024.
Following the delisting of the Company's common stock from the
NYSE American, the Company intends to file a Form 15 with the SEC
on or about April 15, 2024 to suspend
its reporting obligations under the Act. As a result of the filing
of the Form 15, the Company's obligation to file certain Exchange
Act reports and forms with the SEC, including Forms 10-K, 10-Q, and
8-K, will cease. Other SEC filing requirements will terminate upon
the effectiveness of the deregistration. The Company expects that
the deregistration of its common stock will become effective 90
days after the filing of the Form 15 with the SEC. The documents
filed with the SEC will be available on the Company's website
below.
The Board made the decision to pursue delisting and
deregistration of its common stock following its review and careful
consideration of a number of factors, including, but not limited
to, the Company's current and likely future non-compliance with the
continued listing requirements of the NYSE American that would
inevitably result in delisting of the Company's common stock by the
NYSE American and the required personnel resources and the high
costs relating to Exchange Act and NYSE American disclosure and
reporting requirements and related regulatory burdens, which have
resulted and would continue to result in significant operating
expense. In light of these factors, the Board has determined
that it is in the Company's best interests that the Company take
steps designed to ensure sufficient cash to adequately fund an
orderly wind down of the Company's operations and to maximize the
Company's cash position.
About Ampio Pharmaceuticals, Inc.
Ampio Pharmaceuticals, Inc. (NYSE American: AMPE) had previously
focused on the development of a potential treatment for
osteoarthritis as part of its OA-201 program. The OA-201
development program is exploring Ampio's unique and proprietary
small molecule formulation as a potential treatment of
osteoarthritis of the knee ("OAK") and other joints. As we
announced in February 2024, the pain
reduction benefit was not observed in the data from a set of
non-clinical studies of OA-201, resulting in the termination of the
OA-201 program at that time.
Caution Regarding Forward-Looking Statements
All statements other than statements of historical facts
contained in this press release, including statements regarding
future expectations, plans and prospects for the Company, including
but not limited to statements about the expected timing of the
delisting from the NYSE American and deregistration of the
Company's common stock, the Company's ability to preserve cash in
order to adequately fund an orderly wind down of the Company's
operations, and the Company's actions to maximize the Company's
cash position, are forward-looking statements. Words such as
"may", "will", "should", "forecast", "could", "expect", "suggest",
"believe", "estimate", "continue", "anticipate", "intend",
"ongoing", "opportunity", "potential", "predicts", "seek", "plan,"
or similar words, or the negatives of such terms or other
variations on such terms or comparable terminology, typically
identify forward-looking statements.
Forward-looking statements are based on certain assumptions and
expectations of future events and trends that are subject to risks
and uncertainties including: (i) the ability to retain key
personnel in order to pursue the wind down of the Company's
operations, cash conservation plan, and resolution of the Company's
pending legal proceedings; (ii) our available alternatives are
limited and there is no assurance that any alternative will result
in any distribution to or cash return to our stockholders; (iii) we
plan to initiate steps to exit from certain reporting requirements
under the Exchange Act, which will substantially reduce publicly
available information about us; (iv) currently pending legal
proceedings and any future legal proceedings may adversely affect
our cash position and limit our pursuit of strategic options; (v)
the settlement in principle of certain legal actions is subject to
a number of conditions and risks; (vi) with the Board approval to
delist our stock, we expect a negative impact on the price of our
stock and the ability to sell our common stock in the public
market; and (vii) other important factors that are described in
"Risk Factors" in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2023 and
subsequent periodic reports filed with the SEC.
We undertake no obligation to update or revise publicly any
forward-looking statements to reflect events or circumstances after
the date of such statements for any reason, except as otherwise
required by law.
For more information, contact:
Ampio Pharmaceuticals, Inc.
Michael A. Martino
Chief Executive Officer
mmartino@ampiopharma.com
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SOURCE Ampio Pharmaceuticals, Inc.