Following the General Meeting in November 2019, Motif Bio will accelerate the wind down or disposal of Motif Inc. This will involve the sale, wind-down or divestment of all or substantially all of the Company’s existing business, assets and investments. This represents a fundamental change of business and upon an independent director and officer being appointed for the completion of the wind-down or disposal of Motif Inc., the Company will be classified as an AIM Rule 15 cash shell. A further update confirming the appointment of an independent director and officer to implement the completion of the wind-down or disposal or Motif Inc. will be made in due course.
Once the Company has been classified as an AIM Rule cash shell, the Company will be required to make an acquisition which constitutes a reverse takeover under the AIM Rules within six months, failing which the Company’s shares would be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would then be cancelled six months from the date of suspension should a reverse takeover not have been completed within that time.