Biofrontera AG (the “Company”) (NASDAQ:BFRA, Frankfurt Stock Exchange: B8F))), an international biopharmaceutical company, decided today its American Depositary Shares (“ADS”) should be delisted from the Nasdaq Capital Market (“Nasdaq”) and its reporting obligations with the Securities and Exchange Commission (“SEC”) should be deregistered and terminated. The main purpose of the delisting is to reduce complexity in financial reporting and administrative costs.
Biofrontera AG intends to maintain an amended ADS program on a Level I basis, which will allow investors to continue to hold their securities in the form of ADSs and trade the ADS on the U.S. over-the-counter (OTC) market. The ADSs will automatically transition to the new ADS program in connection with the delisting and will be traded under a new ticker to be designated.
Biofrontera AG’s ordinary shares will continue to trade in the Prime Standard at the Deutsche Börse under the symbol B8F. Holders of ADSs may choose to exchange their ADSs to holding ordinary shares listed on the Deutsche Börse.
Further details regarding the procedures will be announced later. The Company plans to submit a Form 25 relating to its ADSs on Nasdaq to the SEC on or about February 24, 2022 to initiate the delisting and expects the delisting to be become effective not less than ten days later.