Celsion Corp. intends to voluntarily delist its common shares from trading on the Tel Aviv Stock Exchange.
The company said the move will allow it to be subject to one set of listing regulations instead of two, allowing it greater flexibility to execute its business and financing strategy and to reduce cost of operations.
Celsion asked the exchange to immediately initiate the delisting process. Under applicable Israeli law, the delisting is expected to become effective three months from the date of the request, or Nov. 6. In the meantime, Celsion's common shares will continue to be traded on the exchange.
Celsion said its listing on the Nasdaq will not be affected by this decision and its shares will continue to be traded on the Nasdaq Capital Market.
The Tel Aviv Stock Exchange initially approved the listing of Celsion's common shares on Nov. 12, 2015.