Medicenna Therapeutics to seek listing of common shares on OTC Markets

After careful consideration, the Board of Directors of Medicenna determined that it is in the overall best interests of the Company not to appeal Nasdaq’s delisting decision and delist its common shares from Nasdaq. The Board’s decision was based on several factors, including the continuing volatility of the financial markets in the life science sector and, accordingly, in the Company’s current share price and market value, and an analysis of the benefits of continued listing on Nasdaq weighed against the regulatory burdens and costs associated with maintaining such listing. The Company anticipates significant financial savings as a result of this decision. With the common shares concurrently trading on the TSX, the Company believes that the significant costs associated with a continued Nasdaq listing, as well as the administrative burdens and extensive amount of management’s time, attention and resources expended on regulatory compliance to maintain a Nasdaq listing, are not justified at this time. Following the delisting of the Company’s common shares on the Nasdaq, the Company will also seek to have its common shares traded on the OTC Markets as soon as possible thereafter. Nasdaq has notified the Company that trading of its common shares will be suspended as of the opening of business on November 2, 2023, and a Form 25-NSE will be filed with the United States Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on Nasdaq.