SAN DIEGO, March 16, 2018 (GLOBE NEWSWIRE) -- TearLab Corporation (OTCQB:TEAR) (TSX:TLB) (“TearLab” or the “Company”) today announced that it has applied and received approval for a voluntary delisting of its common stock from the Toronto Stock Exchange (TSX) in Canada. The delisting from the TSX will not affect the company's listing on the over-the-counter market place (OTCQB).
The Company is currently subject to a delisting review and, based on discussions with TSX, the Company has concluded it will be unable to regain compliance with TSX's continued listing requirements by the deadline set by the TSX, March 29, 2018. In addition, given the relatively low trading volume of its shares on the TSX and the fact that TearLab's OTCQB listing provides its shareholders with sufficient liquidity, the Company believes that the costs associated with maintaining a dual listing are no longer justified. This is consistent with the Company’s previously announced strategy to conserve resources and streamline its operations. Accordingly, effective at the close of markets on March 29, 2018 the Company's common stock will no longer be traded on the TSX.
After delisting from the TSX, the company's common stock will continue to trade on the OTCQB under the symbol TEAR.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
About TearLab Corporation
TearLab Corporation (www.tearlab.com) develops and markets lab-on-a-chip technologies that enable eye care practitioners to improve standard of care by objectively and quantitatively testing for disease markers in tears at the point-of-care. The TearLab Osmolarity Test, for diagnosing Dry Eye Disease, is the first assay developed for the award-winning TearLab Osmolarity System. TearLab Corporation's common shares trade on the OTCQB Market under the symbol 'TEAR'.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, the Company’s plans to streamline its operations, the potential liquidity for investors in the Company’s stock listed on the OTCQB market and the potential market impact of the Company’s decision to voluntary delist from the Toronto Stock Exchange. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. Many factors, risks and uncertainties may cause our actual results to differ materially from forward-looking statements, including the factors, risks, and uncertainties detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 5, 2018, and our Quarterly Reports on Form 10-Q for the quarter ended September 30, 2017, filed with the SEC on November 13, 2017. We do not undertake to update any forward-looking statements except as required by law.
CONTACT: Investor Contact:
The Ruth Group
Lee Roth
Tel: 646-536-7012
lroth@theruthgroup.com