Stellar Biotechnologies, a leading supplier of keyhole limpet hemocyanin (KLH), recently provided an update on its efforts to uplist to the NASDAQ Capital Market. Although the company is currently compliant with the requirements of the TSX Venture Exchange, the Canadian marketplace does not specify a quorum requirement for a meeting of a listed firm’s shareholders. As a result, Stellar announced a special meeting of its shareholders to be held on October 29, 2015, in order to consider amending its articles to increase the quorum requirement for transaction business at shareholder meetings to at least one-third, which is the minimum required by NASDAQ domestic listing standards.
“As we continue to move forward with the NASDAQ application process, this amendment, if approved by shareholders, will allow us to align our British Columbia articles with bylaws of U.S. companies, consistent with our strong U.S. shareholder base,” Frank Oakes, president, chief executive officer and chairman of Stellar, stated in a news release. “We look forward to the prospect of a NASDAQ listing, which we believe will enhance Stellar’s visibility in the investment community and provide for a broader, more diverse shareholder constituency.”
This announcement followed Stellar’s 1-for-10 reverse stock split, which was completed earlier this month. The consolidation was executed in order to fulfill one of the quantitative requirements for listing on the NASDAQ exchange. If its proposed uplisting is approved, these efforts are expected to greatly improve the results of Stellar’s ongoing growth strategy moving forward.
In addition to its efforts to uplist, the company has made considerable progress in recent months toward establishing a sizeable and sustainable presence in the biotechnology market. In July, Stellar announced an exclusive collaboration agreement with Ostiones Guerrero SA de CV that is expected to significantly expand its KLH production capacity in the future. As biotechnology firms continue to broaden their pipelines of immunotherapies based on KLH protein, the company is set to benefit from its position as the only producer with a reliable and scalable supply of the vital nutrient.
In its fiscal quarter ending June 30, Stellar provided prospective shareholders with a preview of its market potential by recording a 117 percent year-over-year increase in total revenue. This strong performance, in combination with the company’s favorable cash position, will serve as a formidable platform upon which to promote additional market growth.
For more information, visit www.stellarbiotech.com