Australian biotech Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF), which specialises in rare disease therapies, welcomes the successful uplisting of its foreign shares to the OTCQB in the lucrative US market, which will improve access to US-based investors while reducing administrative costs.
Rebranded with new ticker
The company’s foreign shares, previously trading under the ticker ATHJF, have been uplisted to the OTCQB market and rebranded with a new ticker, PERCF, following approval by the US Financial Industry Regulatory Authority (FINRA).
Percheron also wrapped up its existing American Depository Receipt (ADR) facility with BNY Mellon – the ADRs, trading with the ticker ATHJY, will no longer be quoted via over-the-counter markets and will be superseded by the uplisting.
These changes are part of a push to consolidate Percheron’s US trading under a single security.
The OTCQB market, also known as the venture market, provides a platform for emerging companies seeking greater visibility among US investors.
Substantial pool of investors
“It is critical for us to be able to engage effectively with the substantial pool of US investors,” said Percheron CEO Dr James Garner.
“However, our portfolio of securities in the US was not optimised for our present circumstances, with several illiquid securities quoted on the ‘pink sheets’ tier of the over-the-counter markets.
“We now have a single security quoted on the OTCQB tier, the so-called ‘venture market’, which we expect to greatly improve access for US-based investors.
“In addition, we have discontinued our ADR facility with BNY Mellon. With no ADRs outstanding, this will not have any implications for any shareholder but it will allow us to reallocate the funds that would otherwise have been spent on fees to promoting the company in the United States.”
Aussie share trading unaffected
The uplisting does not affect trading in Percheron’s ordinary shares on the Australian Securities Exchange (ASX) and no new shares have been issued.
An added benefit is that the OTCQB market’s alignment with ASX compliance standards ensures minimal additional regulatory obligations for the company.
Looking ahead, Percheron plans to launch an investor relations program in the United States during 2025 to bolster awareness and engagement with US-based investors.