VANCOUVER, BC / ACCESSWIRE / August 30, 2024 / GLG Life Tech Corporation (TSX:GLG) ("GLG" or the "Company"), a global and agricultural leader in the natural zero-calorie sweetener industry, committed to the sustainable development of high-quality zero-calorie natural sweeteners, is providing an update regarding the Company's delisting review initiated by the Toronto Stock Exchange ("TSX") and the Company's upcoming transfer of its listing to the NEX exchange.
As previously announced, the TSX initiated a delisting review of the Company in April 2024. The TSX advised that the Company did not meet certain continued listing criteria, specifically relating to the Company's low share price and low market capitalization, as well as the Company's continued net losses and negative working capital situation. The TSX determined that, based on its determination that these criteria remained unmet (there were no other criteria identified by the TSX as unmet), the Company would be delisted by effective close of market on September 3, 2024.
The Company has also previously announced that it has been in discussion with the TSX-V regarding transferring its listing to that exchange. Given that the Company is currently subject to a Failure-to-File Cease Trade Order ("FFCTO") issued by the British Columbia Securities Commission in May of 2024 for failure to file timely file its audited 2023 full-year financial reporting package, it is not possible to transfer to the TSX-V at this time. (The Company has since filed its 2023 full-year financial reporting package and is current with its financial filings.)
In order to maintain a continuous listing, the Company has applied to transfer its listing to the NEX exchange ("NEX") and NEX has granted the application. The Company's listing will be transferred to NEX effective September 4, 2024. Given the FFCTO, the Company's shares will be listed but immediately suspended. The Company is seeking revocation of the FFCTO and expects to provide further updates as that revocation application proceeds. If and when the FFCTO is revoked, NEX will conduct a reinstatement review. If NEX lifts the suspension, the Company's shares will be eligible to be traded on NEX. The Company would thereafter also have the option of evaluating whether it can meet TSX-V listing transfer requirements.
This transfer to the NEX exchange provides an opportunity for the Company to remain listed and to continue working on its balance sheet - the Company has already made substantial progress on its plan to lower its debt load, the latest improvement resulting from the transfer of its Runde subsidiary will be reflected in the Company's third quarter 2024 financial statements - and to continue growing its sales and maintaining positive cash flow, all while addressing the recent regulatory challenges (the FFCTO and the TSX delisting process). Management's efforts over the past years to reduce operating costs, to lower the Company's debt, and to increase sales have all brought numerous successes and Management looks forward to continuing this positive trajectory, as well as working to have the FFCTO revoked in order for the Company's shares to be available for trading on NEX.
For further information, please contact:
Simon Springett, Investor Relations
Phone: +1 (604) 285-2602 ext. 101
Fax: +1 (604) 285-2606
Email: ir@glglifetech.com
About GLG Life Tech Corporation
GLG Life Tech Corporation is a global leader in the supply of high-purity zero calorie natural sweeteners including stevia and monk fruit extracts used in food, beverages, and dietary supplements. GLG's vertically integrated operations, which incorporate our Fairness to Farmers program and emphasize sustainability throughout, cover each step in the stevia and monk fruit supply chains including non-GMO seed and seedling breeding, natural propagation, growth and harvest, proprietary extraction and refining, marketing and distribution of the finished products. Additionally, to further meet the varied needs of the food and beverage and supplement industries, GLG's Naturals+ product line enables it to supply a host of complementary ingredients reliably sourced through its supplier network in China. For further information, please visit www.glglifetech.com.
Forward-looking statements: This press release may contain certain information that may constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
While the Company has based these forward-looking statements on its current expectations about future events, the statements are not guarantees of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors include amongst others the effects of general economic conditions, consumer demand for our products and new orders from our customers and distributors, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements. Specific reference is made to the risks set forth under the heading "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2023. In light of these factors, the forward-looking events discussed in this press release might not occur.
Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
As there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, readers should not place undue reliance on forward-looking statements.
SOURCE: GLG Life Tech Corporation
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