This was announced by Relief Therapeutics. The ADR scheme of relief completes the current major listing of ordinary shares in SIX. JPMorgan is the Defender for the Level 1 ADR Project.
The ADR is similar to a stock certificate and is issued by a guardian appointed by a company in the United States to certify one or more U.S. Depository Shares (ADS). In terms of relief, each ADS represents one hundred and fifty common shares of relief.
ADRs allow US investors to buy shares of foreign companies without entering into cross-border or cross-currency transactions. Holders of dividends are just as likely to hold common shares as Relief.
Relief stated that these were not new securities and that the ADRs would be based on the current outstanding common stock of the relief. Therefore, the company does not receive any income by setting up the plan. However, in the first half of next year the New York Technology Exchange plans to move from the Level 1 ADR program to the Level 2 or 3 ADR program with the ultimate goal of listing ADRs on the NASDAQ.
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