Radiopharm Achieves Nasdaq Listing of American Depositary Shares
Rhea-AI Summary
Radiopharm Theranostics announces the listing of its American Depositary Shares (ADSs) on the Nasdaq Capital Market under the ticker symbol RADX, effective November 27, 2024. Each ADS represents 300 ordinary shares, complementing the company's primary ASX listing. The Nasdaq listing was achieved without an associated capital raise, with Deutsche Bank Trust Company Americas appointed as depositary. Currently, 21% of Radiopharm's shareholders are US-based. The company expects initial trading volume may be as existing shareholders convert ordinary shares to ADSs.
Positive
- Successfully secured Nasdaq listing, expanding market access and visibility
- 21% existing US shareholder base provides foundation for US market presence
- No dilutive capital raising associated with the listing
Negative
- Initial trading volume may be due to ADS conversion process
- Additional administrative and compliance costs associated with Nasdaq listing
Insights
The Nasdaq listing marks a significant strategic move for Radiopharm Theranostics, providing enhanced access to U.S. capital markets and potentially broader investor exposure. While there's no immediate capital raising, the secondary listing creates a more liquid trading platform for U.S. investors through ADSs, with each representing 300 ordinary shares. The 21% existing U.S. shareholder base suggests established interest, though initial trading volume may be constrained as shareholders convert ordinary shares to ADSs.
The listing structure via ADRs with Deutsche Bank as depositary minimizes immediate dilution risks while positioning for future capital access. However, investors should note additional compliance costs and administrative overhead associated with dual-listing requirements. The strategic timing and no-raise approach indicate confidence in current capital position while laying groundwork for future growth opportunities in the world's largest biotech market.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Trading under ticker symbol RADX
- Complements existing US shareholders (currently holding
21% of Radiopharm) - No associated capital raising
- Modest admin & financial compliance overheads
SYDNEY, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Radiopharm Theranostics (ASX:RAD, “Radiopharm” or the “Company”), a clinical-stage biopharmaceutical company focused on developing innovative oncology radiopharmaceuticals for areas of high unmet medical need, is pleased to announce that American Depositary Shares (“ADSs”) representing its ordinary shares will commence trading on the Nasdaq Capital Market (“Nasdaq”) on Wednesday morning, 27 November 2024 US time, under the ticker symbol “RADX”. Each ADS represents 300 ordinary shares of the Company.
The listing on Nasdaq follows the declaration of effectiveness by the U.S. Securities and Exchange Commission (“SEC”) of the Company's registration statement on Form 20-F and formal approval from Nasdaq upon meeting its listing requirements. The Nasdaq listing is a secondary listing and complements the Company’s existing primary listing of ordinary shares on the ASX.
The Company completed the Nasdaq listing without an associated capital raise in the United States. Therefore, initial trading of ADSs may be limited due to the time it takes for existing shareholders to deposit their RAD ordinary shares into the ADR program and receive ADSs for trading on Nasdaq. Deutsche Bank Trust Company Americas has been appointed depositary, custodian, and registrar for the Company's American Depositary Receipt program.
"Listing on Nasdaq is a very important strategic milestone for Radiopharm that will help increase our visibility with U.S. and international investors," said Riccardo Canevari, CEO and Managing Director of Radiopharm.
More information regarding the process to deposit the ordinary shares into the ADR program and receive ADSs is included in the Company’s announcement made to the ASX on 19 September 2024.
About Radiopharm Theranostics
Radiopharm Theranostics is a clinical stage radiotherapeutics company developing a world-class platform of innovative radiopharmaceutical products for diagnostic and therapeutic applications in areas of high unmet medical need. Radiopharm has been listed on ASX (RAD) since November 2021. The company has a deep pipeline of highly differentiated molecules spanning peptides, small molecules and monoclonal antibodies for use in cancer, in pre-clinical and clinical stages of development. The pipeline has been built based on the potential to be first-to-market or best-in-class. The clinical program includes one Phase II and two Phase I trials in a variety of solid tumour cancers including brain, lung, breast and pancreas. Learn more at radiopharmtheranostics.com.
Authorized on behalf of the Radiopharm Theranostics Board of Directors by Executive Chairman Paul Hopper.
For more information:
Riccardo Canevari
CEO & Managing Director
P: +1 862 309 0293
E: rc@radiopharmtheranostics.com
Matt Wright
NWR Communications
P: +61 451 896 420
E: matt@nwrcommunications.com.au
Follow Radiopharm Theranostics:
Website – https://radiopharmtheranostics.com/
Twitter – https://twitter.com/TeamRadiopharm
Linked In – https://www.linkedin.com/company/radiopharm-theranostics/
InvestorHub – https://investorhub.radiopharmtheranostics.com/
