WOODINVILLE, WA--(Marketwire - June 18, 2009) - Eden Bioscience Corporation (NASDAQ: EDEN)
today announced that it has notified the NASDAQ Stock Market ("NASDAQ") of
its intent to voluntarily delist and deregister its common stock (the
"Stock") from The Nasdaq Capital Market. The Company has determined to
voluntarily delist and deregister the Stock in connection with the recent
approval by the Company's shareholders of a plan of complete dissolution
and liquidation of the Company.
Prior to the open of the market on June 30, 2009, the Company will file
with the Securities and Exchange Commission (the "SEC") and NASDAQ a
Form 25 relating to the delisting and deregistration of the Stock. The
Company expects that trading in the Stock will be permanently suspended by
NASDAQ effective at the open of trading on June 30, 2009, with official
delisting of the Stock becoming effective ten days thereafter, on July 10,
2009. The Company has not arranged for listing and/or registration of the
Stock on another national securities exchange or for quotation in a
quotation medium.
On June 18, 2009, the Company filed its articles of dissolution with the
Secretary of State of the State of Washington and the Company will be
dissolved as of 5:00 p.m., Pacific Time, on June 29, 2009 (the "Effective
Time"). At the Effective Time, the Company will close its stock transfer
books and discontinue recording transfers of shares of its Stock. After
the Effective Time, certificates representing shares of Stock will not be
assignable or transferable on the books of the Company except by will,
intestate succession or operation of law.
Cautionary Statement About Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by terminology such as "may,"
"will," "should," "expect," "plan," "intend," "anticipate," "believe,"
"estimate," "predict," "potential" or "continue," the negative of these
terms or other terminology.
Forward-looking statements are based on the opinions and estimates of
management at the time the statements are made and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those anticipated in the forward-looking statements. The
Company's actual results may differ materially from those expressed or
implied by these forward-looking statements based on a number of factors,
including the Company's ability to sell its assets in a timely manner or at
all pursuant to the proposed Plan, the Company's ability to settle, make
reasonable provision for or otherwise resolve its liabilities and
obligations, and the other risks and uncertainties described in Eden
Bioscience's Annual Report on Form 10-K for the year ended December 31,
2008, the Company's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2009 and the Company's other reports filed with the SEC. Readers
are cautioned not to place undue reliance upon these forward-looking
statements, which speak only as to the date of this press release. Except
as required by law, the Company undertakes no obligation to update any
forward-looking statements.
