VANCOUVER, Dec. 7, 2012 /CNW Telbec/ - Akela Pharma, Inc. (TSX: AKL) (the "Corporation") has announced that voluntary delisting of the Coproration's securities from the Toronto Stock Exchange (TSX) will occur at the close of trading on December 7, 2012.
The decision to voluntarily delist has been made by the Corporation due Akela Pharma, Inc.'s inability to maintain the continuous listing requirements of the TSX. The securities of the Corporation will not be actively listed on a market. The Corporation has not made the required filings of the Corporation's interim financial statements, management's discussion and analysis and CEO and CFO certifications for the period ended September 30, 2012 and has been placed on the list of delinquent filers. The Corporation's securities were placed on a cease trade order on November 23, 2012 by the Investment Industry Regulatory Organization of Canada (IIROC). The Toronto Stock Exchange initiated a delisting review of the Corporation's securities on August 27, 2012.
While the Company has sought alternatives, no assurances can be given that any transaction may occur. Further no assurances can be given that any transaction would result in any value for any of the various stakeholders of the Corporation. As previously disclosed in the notes to the Corporation's interim financial statements as of June 30, 2012, doubt remains regarding the Corporation's ability to continue as a going concern and there is no assurance that the actions taken to date will result in sufficient funds being generated to enable the Company to continue as a going concern.
About Akela Pharma, Inc.Akela Pharma, Inc.'s common shares trade on The Toronto Stock Exchange ("TSX") under the symbol "AKL" with approximately 32.4 million shares outstanding.