Leading Brands, Inc. (NASDAQ:LBIX) (the “Company”
or "LBIX") is pleased to announce that on March 23, 2018, the
Nasdaq Listing Qualifications Staff ("Nasdaq Staff") granted the
Company an extension of time until July 23, 2018 to regain
compliance with Listing Rule 5550(b) (the "Listing Rule").
As previously announced on September 18, 2017,
the Company has entered into a definitive agreement to acquire
Liquid Media Group Ltd. ("Liquid") by way of a plan of arrangement
pursuant to the Business Corporations Act (British Columbia) (the
"Transaction") and will seek to list the post-acquisition entity on
The Nasdaq Capital Market. In accordance with the applicable
Canadian securities laws, the Company will be holding a
special meeting of shareholders to consider resolutions to approve
the issuance of the shares forming the consideration to be paid to
Liquid shareholders pursuant to the Transaction, among other
things. The special meeting of LBIX shareholders is being held
concurrently with a special meeting of Liquid shareholders, which
will be called by Liquid to consider the Transaction.
Closing of the Transaction is subject to Liquid
receiving approval from its shareholders for the Transaction. The
Transaction will also require the approval of LBIX shareholders and
the Supreme Court of British Columbia (the "Court"), as well as
certain regulatory approvals. If the requisite approvals of the
Liquid shareholders, the LBIX shareholders and the Court and the
regulatory approvals are obtained and all other conditions to the
Transaction have been satisfied, it is anticipated that the
Transaction will be completed in May 2018.
The Company had previously received notice from
Nasdaq Staff on January 23, 2018 of non-compliance with the Listing
Rule and submitted a plan of compliance. The plan was based
on the expectation that the combined company will meet all
applicable requirements for initial listing on The Nasdaq Capital
Market. It is expected that the combined entity will be required to
meet all applicable requirements for initial listing on The Nasdaq
Capital Market. Notwithstanding the foregoing, there can be
no assurances that the Company will be able to complete the
Transaction or that the combined entity will meet all applicable
requirements for initial listing on The Nasdaq Capital Market.
Ralph McRae
Ralph D. McRaeChairman & CEO
Forward Looking StatementsCertain information contained in this
press release includes forward-looking statements, including
information concerning the Transaction. Words such as "believe",
"expect," "will," or comparable terms, are intended to identify
forward-looking statements concerning the Company’s expectations,
beliefs, intentions, plans, objectives, future events or
performance and other developments. All forward-looking statements
included in this press release are based on information available
to the Company on the date hereof. Such statements speak only as of
the date hereof. Important factors that could cause actual results
to differ materially from the Company’s estimations and projections
are disclosed in the Company’s securities filings and include, but
are not limited to, the following: general economic conditions,
failure to obtain regulatory or shareholder approval and/or
satisfaction of conditions pursuant to the Transaction, economic
uncertainties (including currency exchange rates), government
regulation, managing and maintaining growth, the effect of adverse
publicity, litigation, competition and other risk factors described
from time to time in securities reports filed by Leading Brands,
Inc. For all such forward-looking statements, we claim the safe
harbor for forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995.
CONTACT:Leading Brands, Inc.Email:
info@LBIX.com
Leading Brands (NASDAQ:LBIX)
過去 株価チャート
から 1 2025 まで 2 2025
Leading Brands (NASDAQ:LBIX)
過去 株価チャート
から 2 2024 まで 2 2025