Highlights
- Radiopharm plans Nasdaq listing by the end of 2024 to boost global investor access.
- The company initiated the secondary listing process in February 2023 but faced delays due to market conditions.
- As part of an AU$70mn capital raising initiative, RAD has reached an agreement to list its ordinary shares as American Depositary Shares on Nasdaq.
Radiopharm Theranostics Ltd (ASX:RAD) is poised to boost shareholder value and attract global investors through a strategic move to enhance its market presence. The Australian radiopharmaceutical company has announced plans to secure a secondary listing on the Nasdaq Capital Market by the end of 2024.
Radiopharm began the process to secure a secondary listing on the Nasdaq Capital Market on 14 February 2023. However, due to prevailing market conditions, this process was delayed. On 25 June 2024, the company revealed that, as part of a AU$70 million capital raising initiative, it has reached an agreement with certain US institutional investors to list its ordinary shares as American Depositary Shares on Nasdaq under the ticker RADX by 2024 end. The listing will not involve any capital raising, as confirmed by the company.
Reflecting on the process, Radiopharm’s CEO and Managing Director, Riccardo Canevari said, "We are confident that obtaining a listing on Nasdaq will complement our loyal existing Australian shareholder base by expanding Radiopharm’s access to investors globally, and thereby drive increased shareholder value with enhanced liquidity for all shareholders".
The NASDAQ listing initiative will complement RAD’s primary listing on the Australian Securities Exchange (ASX) with minimal additional administration. It aims to attract US institutional and retail investors by allowing them to purchase shares in US dollars and during American trading hours.
Level 2 ADS with 200 Ordinary Shares
Currently, Radiopharm shares are traded on the ASX under the RAD symbol, and they will continue to do so post-Nasdaq listing.
On 25 July 2024, RAD filed an amendment to its Form 20-F registration statement with the US Securities and Exchange Commission (SEC) and is progressing with its Nasdaq application. The company anticipates that both the SEC and Nasdaq will finalise their reviews by late August. The Nasdaq listing will be structured as a Level 2 American Depositary Receipt program. Each ADS will represent 200 ordinary shares.
The evaluation of the registration statement by the SEC and the listing application by Nasdaq is still ongoing. There is no assurance concerning the accomplishment or timing of this process or such a listing.
RAD shares traded at AU$0.036 at the time of writing on 26 July 2024, up over 1% from the last close.
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