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Highlights
- Percheron Therapeutics uplisted its shares to the OTCQB market..
- American Depository Receipt (ADR) program terminated to streamline US trading.
- The uplisting aligns with Australian compliance standards, ensuring efficiency.
Australian biotech company Percheron Therapeutics (ASX:PER), renowned for its focus on rare disease therapies, has announced a significant milestone with the uplisting of its foreign shares to the OTCQB market in the United States. This strategic move is set to improve accessibility for US-based investors while reducing administrative costs.
Transition to a New Ticker
Percheron’s foreign shares, previously trading under the ticker ATHJF, are now listed on the OTCQB market under a rebranded ticker, (OTC:PERCF). The transition received approval from the US Financial Industry Regulatory Authority (FINRA), marking a critical step in enhancing the company’s visibility and engagement with the expansive US investment community.
As part of this process, the company has discontinued its American Depository Receipt (ADR) facility with BNY Mellon. Previously quoted under the ticker ATHJY, these ADRs will no longer trade via over-the-counter markets. This decision consolidates Percheron’s US trading under a single security on the OTCQB market, reducing complexity for shareholders and enhancing the company’s overall market efficiency.
Improved Investor Access
The OTCQB market, often referred to as the venture market, serves as a platform for emerging companies seeking broader exposure to US investors. Percheron Therapeutics’ CEO, Dr. James Garner, emphasized the importance of this move, stating, “The uplisting will optimize engagement with a substantial pool of US investors and address the inefficiencies of previous trading arrangements.”
This shift is expected to improve liquidity and accessibility for US-based investors while enabling Percheron to reallocate resources previously spent on ADR-related fees to initiatives promoting the company’s profile in the United States.
Unchanged Australian Operations
Trading of Percheron’s ordinary shares on the Australian Securities Exchange (ASX) remains unaffected. No new shares have been issued as part of this transition. Additionally, the alignment of the OTCQB market with ASX compliance standards minimizes regulatory obligations for the company.
Future Plans in the US
Looking ahead, Percheron plans to launch a targeted investor relations program in 2025 to bolster awareness among US-based stakeholders. The program aims to deepen engagement and showcase the company’s innovative solutions in rare disease therapies.
This strategic uplisting highlights Percheron Therapeutics’ commitment to expanding its global reach while maintaining operational efficiency and shareholder value.
