Radiopharm Theranostics (ASX:RAD, “Radiopharm” or the “Company”), a developer of a world-class platform of radiopharmaceutical products for both diagnostic and therapeutic uses, today announced it expects to obtain a secondary listing on the Nasdaq Capital Market by the end of 2024.
As announced on 14 February 2023, the Company initiated the process to obtain a secondary listing on the Nasdaq Capital Market. Due to market conditions, the Company subsequently delayed the process.
As announced on 25 June 2024, as part of a A$70 million capital raising, the Company agreed with certain US institutional investors to seek a listing of its ordinary shares in the form of American Depositary Shares on Nasdaq by the end of 2024.
Yesterday the Company filed an amendment to its registration statement on Form 20-F with the US Securities and Exchange Commission (SEC) and is continuing to progress a listing application with Nasdaq. The Company expects the SEC and Nasdaq to complete their respective review processes by late August 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 200 ordinary shares, and will not involve the raising of any capital. The American Depositary Shares (ADS) 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 ADS.
The Nasdaq listing will complement the existing primary listing of RAD shares on the Australian Securities Exchange (ASX) with minimal additional administration. 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 drive increased shareholder value with enhanced liquidity for all shareholders," said Riccardo Canevari, CEO and Managing Director of Radiopharm Theranostics.
This program is part of an ongoing strategy to expand the Company’s reach to US institutional and retail investors by enabling them to purchase the Company’s shares via a US stock market, in the American time zone and in US dollars.
The review process by the SEC in relation to the registration statement and by Nasdaq in relation to the listing application continues to be in progress. There can be no assurance as to the completion or timing of this process or such a listing.
Authorised on behalf of the Radiopharm Theranostics board of directors by Executive Chairman Paul Hopper.
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