Radiopharm Theranostics (ASX:RAD, Company) has announced the initiation of the process to obtain a secondary listing on the Nasdaq Capital Market.
The company has filed a registration statement on Form 20-F with the US Securities and Exchange Commission (SEC) and a listing application with Nasdaq.
The company said it expects the SEC and Nasdaq to complete their respective review processes by late March and, when their processes are successfully completed, then the listing on Nasdaq would occur.
The Nasdaq listing will take the form of a Level 2 American Depositary Receipt program, with each American Depositary Share representing 100 ordinary shares, and will not involve the raising of any capital.
The American Depositary Shares (ADSs) are expected to trade on Nasdaq under the ticker RADX.
Deutsche Bank Trust Company Americas will be appointed by the company as depositary, custodian, and registrar of the ADSs.
Radiopharm said the Nasdaq listing will complement the existing primary listing of RAD shares on the Australian Securities Exchange. Ordinary shares are currently listed on the ASX under the RAD symbol where they will continue to trade following the Nasdaq listing.
"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 driving increased shareholder value with enhanced liquidity for all shareholders," said CEO and managing director Riccardo Canevari.