Maybe some light at the end of the financial tunnel if PH uses the RAD model for CHM:
Launching American Depositary Receipt program
Sydney, Australia – 19 September 2024 -- Radiopharm Theranostics Limited (ASX:RAD)
(“Company” or “Radiopharm”), a developer of a world-class platform of radiopharmaceutical
products for both diagnostic and therapeutic uses, today announced the launch of a Level 1
American Depositary Receipt (“ADR”) program. Under the ADR program, shareholders of the
Company may deposit their ordinary shares with Deutsche Bank Trust Company Americas,
acting as Depositary of the ADR program, and receive American Depositary Shares (“ADSs”)
representing ordinary shares of the Company.
An American Depositary Share is a trading instrument denominated in US dollars that allows
US investors to buy shares in non-US companies without the need for cross-border or crosscurrency transactions. Each ADS represents 200 ordinary shares of the Company. The
establishment of the ADR program does not involve an offer of any new shares and no
capital is being raised.
The ADR program will complement the Company’s existing primary listing of ordinary shares
on ASX.
This strategic initiative represents a steppingstone to the Company’s proposed listing of
ADSs on Nasdaq. The ADR program is part of a strategy to attract new US institutional and
retail investors. However, given the ADSs are not currently listed on Nasdaq, they will
initially trade in the US over-the-counter market under the ticker symbol RADTY.
"We are excited about the establishment of an ADR program as it should attract new US
investors. In addition, the ADR program will assist Radiopharm in completing its proposed
Nasdaq listing that was announced on 26 July 2024," said Riccardo Canevari, CEO and
Managing Director of Radiopharm.
Beginning today, shareholders of the Company can deposit their ordinary shares and receive
ADSs. For further information, please see “Frequently Asked Questions” below.
US shareholders who participated in the Company’s recent placement would, however,
receive ADSs that are restricted from trading for one year from the date of sale of the
underlying ordinary shares, unless Radiopharm registers such shares prior to the end of the
restrictive period. As discussed in Radiopharm’s announcement of 25 June 2024, if
shareholders who purchased ordinary shares in Radiopharm’s recent placement do not
deposit such ordinary shares in the ADR program, then they will not be entitled to any
additional options if Radiopharm does not list on Nasdaq and register, as may be required
under the US Securities Act of 1933, those ordinary shares by 31 December 2024.
Authorised on behalf of the Radiopharm Theranostics board of directors by Executive
Chairman Paul Hopper.
GLTA
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