Radiopharm Theranostics Ltd (ASX:RAD) has begun the initiation process for entry into the Nasdaq stock exchange under the ticker RADX, gaining a second listing in the US capital market.
RAD expects the US Securities and Exchange Commission (SEC) and Nasdaq to complete their respective review processes by late March, after which the official listing would occur.
The listing will not require the raise of new capital but will take the form of a Level 2 American Depositary Receipt program, with each American Depositary Share representing 100 ordinary shares.
Deutsche Bank Trust Company Americas will be appointed by the company as depositary, custodian and registrar of the American Depositary Shares.
Gaining access to the US market
"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," CEO and managing director Riccardo Canevari said.
The listing is part of RAD’s ongoing strategy to expand its reach to US institutional and retail investors, enabling potential shareholders to trade on US times and currency and gaining access to new capital markets.
The radiopharmaceutical and diagnostics company is advancing a low-energy radioisotope technology designed to produce accurate disease imaging and high-energy isotopes as a tumour-focused therapy as its main platforms.