KITCHENER, ON, Dec. 3, 2019 /CNW/ - Quarterhill Inc. ("Quarterhill") (TSX: QTRH) (NASDAQ: QTRH) today announced that its Board of Directors has approved the delisting of Quarterhill's common shares (the "Common Shares") from the Nasdaq Global Select Market (the "Nasdaq"). On December 3, 2019, Quarterhill notified the Nasdaq of its intention to file a Form 25 with the United States Securities and Exchange Commission (the "SEC") on or about December 13, 2019 to effect the voluntary delisting of the Common Shares from the Nasdaq. Thereafter, on or about December 23, 2019, Quarterhill intends to file a Form 15 with the SEC to terminate the registration of the Common Shares in the United States and suspend Quarterhill's reporting obligations under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act").
Quarterhill and its Board of Directors have made the decision to delist the Common Shares from the Nasdaq and to terminate registration under the Exchange Act following their review and careful consideration of the significant administrative burden and costs of being a United States reporting company. The savings to be derived from this change are expected to be financially meaningful to Quarterhill and may exceed CDN$1,000,000 in 2020 and following years, thus reflecting Quarterhill's continued disciplined focus on managing costs for the benefit of its business and shareholders.
Despite this change, Quarterhill will continue to comply with all of its Canadian continuous disclosure and corporate governance obligations and the Common Shares will continue to be listed and traded (including by US shareholders) on the Toronto Stock Exchange, which has been the most active venue for trading and liquidity of the Common Shares, and hosts some of Quarterhill's largest and most well-known peer companies in the M&A aggregation sector.