Radiopharm Theranostics (ASX:RAD) has launched a Level 1 American Depositary Receipt (ADR) program.
Under the ADR program, shareholders may deposit their ordinary shares with Deutsche Bank Trust Company Americas, acting as the program's depositary, and receive American Depositary Shares representing ordinary shares of the Company.
An American Depositary Share is a trading instrument denominated in US dollars that allows US investors to buy shares in non-US companies without the need for cross-border or cross-currency transactions.
Each ADS represents 200 ordinary shares of the Company. The establishment of the ADR program does not involve an offer of any new shares, and no capital is being raised.
The company said the initiative represents a step in its proposed listing of American Depositary Shares on Nasdaq.
"We are excited about the establishment of an ADR program as it should attract new US investors. In addition, the ADR program will assist Radiopharm in completing its proposed Nasdaq listing that was announced on 26 July 2024," said Riccardo Canevari, CEO and managing director of Radiopharm.