On December 21, 2022 Protalix BioTherapeutics, Inc. (NYSE American:PLX) (TASE:PLX), a biopharmaceutical company focused on the development, production and commercialization of recombinant therapeutic proteins produced by its proprietary ProCellEx plant cell based protein expression system, reported that the Company’s management and Board of Directors have decided that it is in the best interest of the Company to voluntarily delist its common stock from the Tel Aviv Stock Exchange (the "TASE") (Press release, Protalix, DEC 21, 2022, View Source [SID1234625501]).
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The Company believes that delisting its common stock from the TASE will allow management to focus better on the Company’s primary capital market and reduce its cost of operations as the Company will be subject to only one set of listing rules and regulations. Accordingly, the Company has requested that the TASE immediately initiate the delisting process.
"At this stage of the Company’s development, we believe that it is in the best interest of our company and its stockholders that we concentrate our market activity on a single exchange," said Dror Bashan, Protalix’s President and Chief Executive Officer. "We thank all of the investors who traded our common stock on the TASE."
Based upon applicable Israeli law, the Company expects the delisting of its common stock from the TASE to become effective three months from the date of request. During this time, the Company’s common stock will continue to be traded on the TASE.
Trading of the Company’s common stock on the NYSE American will be unaffected by this decision, and the Company will remain subject to the rules and regulations of the U.S. Securities and Exchange Commission and the NYSE American applicable to listed companies. All shares of the Company’s common stock traded on the TASE are expected to transfer to the NYSE American once the delisting from the TASE becomes effective.
The Company is not aware of any technical or substantive impediment to the trading of the Company’s securities on the NYSE American following its delisting from the TASE.
An announcement regarding the delisting procedure and timeline will follow once available. The Company will continue to file public reports and make public disclosures in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and NYSE American after the delisting.
Holders of the Company’s common stock through an Israeli broker, bank or other nominee are encouraged to contact such broker, bank or other nominee with any questions about the transfer of shares to a NYSE American-based account.