Clinical-stage biopharmaceutical company Radiopharm Theranostics (ASX:RAD) has announced that American Depositary Shares (ADSs) representing its ordinary shares will commence trading on the Nasdaq Capital Market on Wednesday 27 November 2024 US time, under the ticker symbol RADX. Each ADS represents 300 ordinary shares of the Company.
The listing on Nasdaq follows the declaration of effectiveness by the US Securities and Exchange Commission (SEC) of the company's registration statement and formal approval from Nasdaq upon meeting its listing requirements.
The Nasdaq listing is a secondary listing and complements the company’s existing primary listing of ordinary shares on the ASX.
The company completed the Nasdaq listing without an associated capital raise in the United States. Therefore, initial trading of ADSs may be limited due to the time it takes for existing shareholders to deposit their RAD ordinary shares into the ADR programmme and receive ADSs for trading on Nasdaq. Deutsche Bank Trust Company Americas has been appointed depositary, custodian, and registrar for the company's American Depositary Receipt programme.
"Listing on Nasdaq is a very important strategic milestone for Radiopharm that will help increase our visibility with U.S. and international investors," said Riccardo Canevari, CEO and Managing Director of Radiopharm.
Radiopharm Theranostics is developing a world-class platform of innovative radiopharmaceutical products for diagnostic and therapeutic applications in areas of high unmet medical need. Radiopharm has been listed on ASX (RAD) since November 2021.