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Highlights
- ASX-listed radiopharmaceuticals company RAD has filed a listing application and Form 20-F, to enter the Nasdaq stock exchange
- Nasdaq listing would complement the company’s existing ASX listing
- RAD says no capital would be raised, and its American Depositary Shares would be traded under the ticker RADX
ASX-listed Radiopharm Theranostics (ASX:RAD) has begun the process for listing of its American Depositary Shares on Nasdaq. The company -- which develops radiopharmaceutical products for diagnostic and therapeutic applications -- has said it has filed the listing application with the exchange and the requisite Form 20-F with the US Securities and Exchange Commission (SEC).
Below are more details related to the latest company development.
The proposed listing on Nasdaq
RAD has stated that Nasdaq and the SEC are expected to complete the review of respective filings of the company by end of March 2023. Post this, the listing of Radiopharm’s American Depositary Shares (ADS) is planned to occur.
Radiopharm has further informed that the company’s Nasdaq listing would be as a Level 2 American Depositary Receipt program. Here, a single ADS would represent 100 ordinary shares of RAD. Radiopharm would appoint Deutsche Bank Trust Company Americas in the capacity of depositary, custodian, and registrar for this new listing.
RAD’s already listed shares on ASX would continue to trade in the same manner as they do now after the Nasdaq listing. The company asserts that the development is a part of its strategy to expand Radiopharm’s reach to institutional and retail investors in the US. A Nasdaq listing would pave the way for purchase of RAD shares through the US equity market, with trading during the US time zone and in USD.
Shares gain
Triggered by the update, RAD shares gained more than 7.6% to trade at AU$0.140 in the early hours of 14 February 2023.
To know about the quarterly developments of Radiopharm, read here