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VANCOUVER, British Columbia, June 28, 2021 (GLOBE NEWSWIRE) – Novelion Therapeutics Inc. (“novel“or the”Company“) By Alvarez & Marsal Canada Inc., the liquidator of Novelion (the”Liquidator“) today provides an update regarding its final distribution to its registered shareholders (the”Final distribution“). The Company has determined that due to the provisional distribution on March 11, 2021 of approximately 87.5% of the US Certificates of Deposit (“ADR“) Amryt Pharma plc (“Amryt”) Held by the Company, the remaining ADRs will be monetized by the Company. It is therefore expected that the Final Distribution will be a distribution composed of the cash remaining in Novelion, in addition to the proceeds from the sale of the remaining ADRs, less expenses until the end of the statutory liquidation of the Company.
Given the relatively small number of ADRs that would remain to be distributed to a relatively large number of registered shareholders after the interim distribution, it was decided by the Liquidator to monetize the ADRs instead of attempting to distribute the ADRs on a pro rata basis. .
Shareholders who were registered shareholders on January 16, 2020, being the effective date of liquidation (the “Effective date”), Will be entitled to all distributions made in connection with the current statutory liquidation and dissolution of Novelion.
Shareholders who were shareholders of record on the Effective Date and whose interim ADR distributions have been withheld pursuant to the order of the Supreme Court of British Columbia (the “British Columbia Court”) Approving the interim distribution, will also receive the cash value of such withheld distribution amounts as part of their final distribution.
The steps necessary to monetize the remaining ADRs and complete the final distribution to registered shareholders will be subject to the approval of the British Columbia court upon application by the liquidator. The liquidator currently expects this petition to be scheduled for July 2021. If the British Columbia court grants the requested order approving the final distribution, the liquidator will also seek an order from the United States bankruptcy court to the Southern District of New York (the “United States Court”) Confirming that the order of the British Columbia court respecting the final distribution is enforceable in the United States, and directing all entities in the United States to take all necessary legal steps to give effect to the order of the British Columbia court and the transactions contemplated below.
The liquidator also expects to seek, as part of the British Columbia court petition, approval to proceed with the dissolution of the company following the final distribution and certain discharges and approvals of the liquidator’s fees and disbursements.
Shareholders and other interested parties should visit www.alvarezandmarsal.com/novelion for ongoing information on Novelion, liquidation and related matters.
Caution concerning the securities of the company
As of the effective date, the transfer agent of the company has closed the transfer books of shares of the company and ceased to register transfers, and registered shareholders are no longer able to transfer the share. registered ownership of their shares. Any distributions made in connection with the liquidation will be paid only to shareholders of record on the Effective Date, and beneficial holders of Common Shares will be entitled to receive distributions only through and from the applicable registered holder of their actions. Shareholders whose Novelion shares are held in a brokerage firm or with a stockbroker, trust company, bank or other similar organization are encouraged to contact their broker, broker. , trust, bank or other agent for any matter relating to the processes or requirements for receiving such distributions if and when they are made.
The Company believes, but cannot guarantee, that trading in the Common Shares of the Company was suspended or otherwise ceased on or shortly thereafter on the Effective Date. The Company cautions that investors seeking to trade Novelion common shares or other securities after the Effective Date (to the extent such transactions are available), including in secondary markets, do so on a substantial risk to their investment.
The Company continues to warn that trading in the securities of the Company (to the extent that such trading is available) remains highly speculative and poses substantial risks. The prices of the Company’s securities may have little or no relation to the actual value realized, if any, by the holders of the Company’s securities. Therefore, the Company recommends extreme caution with regard to existing and future investments in its securities.
Certain statements contained in this press release constitute “forward-looking statements” and “forward-looking information” within the meaning of applicable laws and regulations, including United States and Canadian securities laws. Any statement contained herein that does not describe historical facts, including, but not limited to, the steps that should be required by the Company or the liquidator to effect the final distribution, including any process in court and the timing thereof, the Liquidator’s actions relating to the liquidation and any order of the court of British Columbia or the United States court relating thereto, the amount, timing and nature of any distribution in connection with the liquidation liquidation, including the final distribution, the sale of any ADR by Novelion, the final outcome of the liquidation process, trading expectations and beliefs, the market and the register of holders of Novelion common shares after the date effective, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. of those referred to in these forward-looking statements.
These risks and uncertainties include, among others, the impact of any decision of the British Columbia court and actions of the liquidator taken in connection with the liquidation, the possibility that the actual expenses and claims resulting from the liquidation will be greater. significant than expected, and the potential impact of any volatility in the market price of ADRs held by the Company, all or part of which could significantly reduce the availability of assets available for distribution to shareholders, the possibility of any resale restrictions applicable to ADRs in the future for either Novelion or the registered shareholders of Novelion, as well as the risks identified in the documents filed by Novelion with the Securities and Exchange Commission (the “SECOND”) And Canadian securities regulators, including the definitive proxy statement filed on October 3, 2019, which are available on the SEC’s website at www.sec.gov and on SEDAR at www.sedar.com. The impact of these risks and uncertainties could significantly reduce or eliminate the availability of assets available for distribution to shareholders, or delay the timing of such distributions.
Novelion cautions investors and others not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by law, Novelion assumes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.
Source: Novelion Therapeutics, Inc.