Key insights
- Coiled Therapeutics, an oncology company listed on the London AIM market, has begun trading on the US OTCQB market under the ticker COTXF. This move aims to broaden its investor base by allowing US investors to trade the shares in USD during US working hours. The company qualifies as a Foreign Private Issuer and is exempt from SEC reporting beyond its home market requirements. This event has negligible impact on overall US equity markets.
LONDON - Coiled Therapeutics plc (AIM:COIL) announced today that its ordinary shares commenced trading on the OTCQB Venture Market in the United States under the ticker COTXF, according to a press release statement.
The clinical-stage oncology company will maintain its existing listing on the AIM Market of the London Stock Exchange, where it trades under the ticker COIL. The company’s ordinary shares are valued at one pence each.
The OTCQB listing allows U.S. investors to trade Coiled Therapeutics shares during U.S. working hours with pricing in U.S. dollars. The company stated this arrangement aims to facilitate cross-border trading for potential U.S. investors.
As a Foreign Private Issuer, Coiled Therapeutics qualified for OTCQB listing by meeting requirements applicable to international reporting companies, including criteria for exemption under U.S. Exchange Act Rule 12g3-2(b) from SEC reporting. Under this exemption, the company must make certain information publicly available in English on its website or other electronic delivery system but faces no additional reporting obligations beyond its home market requirements.
The OTCQB market requires listed companies to meet a minimum bid price test, maintain current financial reporting, and complete an annual verification and management certification process. The cross-trading facility is provided through OTC Markets Group Inc., based in New York.
U.S. investors can access OTCQB shares through online brokers including Fidelity, TradeStation, Charles Schwab, Interactive Brokers and E-trade.
Chief Executive Officer Sridhar Vempati said the OTCQB listing "complements our AIM listing well by opening up Coiled Therapeutics to a broader pool of US-based investors."
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