ioneer Ltd is progressing its secondary listing on the Nasdaq Stock Market in the US under an American Depositary Receipt (ADR) program.
An ADR is a negotiable receipt issued by a United States depositary bank and evidencing ordinary shares of the company that have been deposited with the depositary.
The emerging lithium-boron supplier has filed a registration statement on Form 20-F with the US Securities and Exchange Commission (SEC), which the SEC declared effective on June 28, 2022.
The Form 20-F contemplates that the securities will be issued pursuant to a Level II ADR program.
INR must now satisfy certain remaining conditions to listing, with Nasdaq expected to provide it with an initial date for trading of the ADRs.
This Nasdaq listing is to complement the company’s ASX listing. In the US the company will trade under the ticker IONR.
The US has become a particularly desirable market for electric vehicle and battery minerals and products, driven by government policy and investment.
The Form 20-F also contemplates that INR will enter into a depositary agreement with The Bank of New York Mellon under which BNY Mellon (NYSE:BK) would act as depositary, custodian and registrar for the ADRs.
Once the ADR program has been established, contact information for the depositary will be available along with instructions on how existing holders of ioneer ordinary shares can arrange to deposit their securities.
It should be noted, the ADR program would not be established in connection with a new issuance of ioneer ordinary shares