LONDON: Shield Therapeutics plc (LON: STX) announced that trading in the Company’s Ordinary Shares of nominal value of £0.015 each began on the OTCQX Best Market (OTCQX) in the United States, under the ticker symbol “SHIEF”.
By trading on the premium OTCQX, Shield’s shares will be available to US investors during US working hours and priced in US dollars and has the potential to increase liquidity in Shield’s shares on AIM.
The OTCQX is designed for established companies. Foreign Private Issuers, such as Shield, that trade on the OTCQX are exempt under the US Exchange Act Rule 12g3-2(b) from SEC reporting if they make whatever information is required by their home market regulator publicly available to US investors in English. Shield will therefore face no extra reporting obligations and incur minimal ongoing costs as a result of the Company’s Ordinary Shares being traded on the OTCQX.
Shield has retained MCAP LLC to act as the Company’s OTCQX advisor. MCAP is a US broker-dealer that provides institutional securities services and electronic market making. MCAP also acted as the Company’s OTCQX sponsor.
Shield’s Ordinary Shares will continue to trade on the London Stock Exchange’s AIM Market under the symbol “STX”.
Commenting on this, Tim Watts, Shield CEO, said: “With the upcoming launch of Accrufer® in the US I believe that Shield will be of increasing relevance to US based investors. By making our shares available on the OTCQX Best Market many US investors should find it easier to buy and sell Shield shares than they would through AIM. Shield’s existing shareholders should benefit from this as liquidity increases.”
Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group commented: “We are delighted to welcome Shield Therapeutics, to the OTCQX Market. Cross-trading on OTCQX will enable Shield Therapeutics, listed on the LSE AIM Market, to expand its U.S. investor base and enhance the Company’s global reach. We look forward to providing the company and its investors with a transparent and efficient trading experience and all the benefits of our premium public market.”
Shield Therapeutics PLC (LON: STX)
Share price
51.00 GBX 0.00 (0.00%)
14 May, 5:06 pm GMT+1 · Disclaimer
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