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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

German delisting desired: CardioTech demands an immediate halt to trading and delistment from the Berlin-Bremer, Frankfurt and Xetra Stock Exchanges after being listed without permission. Currently, over 100 U.S. companies have been placed on the exchange by German market-makers or brokerages without consent, according to the Aurelius Consulting Group. The Berlin-Bremer exchange reportedly has been responsible for exposing issues to "naked short selling," causing drastic swings in share value. In May, benign prostatic hyperplasia therapy developer Celsion was successful in petitioning for delistment from the exchange. Some firms, however, have been refused a delisting due to the "disservice" it would do to German investors. CardioTech, which develops polymer-based medical devices, officially is listed on the American Stock Exchange. The Securities & Exchange Commission is investigating...
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