EQS-Adhoc
Relief Therapeutics Launches Level 1 ADR Program in the United States
EQS Group-Ad-hoc: RELIEF THERAPEUTICS Holding AG / Key word(s): Miscellaneous Relief Therapeutics Launches Level 1 ADR Program in the United States |
Geneva, Switzerland, November 18, 2021 - RELIEF THERAPEUTICS Holding SA (SIX: RLF, OTCQB: RLFTF) ("Relief"), announced today that its Form F-6 registration statement has become effective, and that Relief has launched its Level 1 American Depositary Receipt ("ADR") program in the United States ("U.S."). It is expected that Relief's ADRs will begin trading on the over-the-counter ("OTC") market today, November 18, 2021, under the trading symbol ("RLFTY"). Relief's ADR program will complement its existing primary listing of ordinary shares on the SIX Swiss Exchange ("SIX"). J.P. Morgan has been appointed as the depositary bank for the Level 1 ADR program.
An ADR is a negotiable receipt, resembling a stock certificate, that is issued by a U.S. depositary bank appointed by a company to evidence one or more American Depositary Shares ("ADSs"). In the case of Relief's ADRs, each ADS will represent one hundred and fifty (150) of Relief's ordinary shares. ADRs allow U.S. investors to buy shares in foreign companies without the need for cross-border or cross-currency transactions. They are priced in U.S. dollars and can be traded like shares of U.S.-based companies listed on the OTC market.
Under the program, the owners and holders of ADSs will have the same rights to dividends and distributions and voting powers as the holders of Relief's ordinary shares subject, however, to enforcement procedures provided in the deposit agreement entered into by and among Relief, J.P. Morgan, as the depositary, and the owners and holders of ADSs.
The establishment of the program by Relief is not a new offering of securities, and the ADRs will be based on the Relief ordinary shares currently in issue. Therefore, Relief will receive no proceeds from the establishment of the program. However, Relief's goal is to take the necessary steps in the future to transition from a Level 1 ADR program to a Level 2 or a Level 3 ADR program, with the ultimate goal of listing its ADRs on the Nasdaq Stock Market during the first half of 2022. There can be no assurance that Relief will be successful in those efforts.