Anteris Technologies Global Corp (ASX:AVR, OTC:AMEUF) (ATGC) has begun trading on the Nasdaq after closing out its $88.8 million ($A138.4M) initial public offering (IPO). ATGC’s common stock began trading on the Nasdaq Global Market under the ticker AVR on December 13, 2024.
As part of the IPO, Anteris issued 14.8 million shares of its common stock in the US at US$6.00 per share. An additional 2.22 million shares of common stock may be issued if the underwriters exercise their option to purchase more shares (the Green Shoe) in full. This would give the company approximately US$13.3 million in additional funds.
Schemes of arrangement
Anteris has also implemented the share and option schemes of arrangement for its re-domiciliation to the US. As per the share scheme, all ATL shares have been transferred to ATGC, now the sole shareholder of ATL and the parent company of the Anteris Group.
Eligible ATL shareholders received their consideration as either ATGC CHESS Depositary Interests (CDIs), which are set to trade on the ASX under the code ‘AVR’ from December 17, 2024, or as ATGC common stock shares, which will trade on Nasdaq under the ticker ‘AVR’ starting December 17, 2024 (US time).
A total of 21,139,816 ATGC shares were issued, with 20,360,496 underpinning ASX-listed CDIs and 779,320 listed directly on Nasdaq.
27,794 ATGC CDIs related to ineligible or small shareholders will be sold via a sale facility, with proceeds remitted to the relevant shareholders. Holding statements are scheduled for dispatch on 18 December 2024. Additionally, all ATL options have been cancelled and replaced with equivalent ATGC options.
Use of funds
Anteris is developing and commercialising innovative medical devices that restore healthy heart function.
Its lead product, the DurAVR® Transcatheter Heart Valve (THV), was developed in collaboration with leading interventional cardiologists and cardiac surgeons to treat aortic stenosis, a potentially life-threatening condition caused by the narrowing of the aortic valve.
The balloon-expandable DurAVR® THV is the first biomimetic valve designed to mimic the shape and function of a healthy human aortic valve, promoting normal aortic blood flow.
DurAVR® THV is constructed from a single piece of molded ADAPT® tissue, Anteris’ patented anti-calcification technology. ADAPT® tissue, which has received clearance from the US Food and Drug Administration (FDA), has been used clinically for over a decade in more than 55,000 patients worldwide.
The DurAVR® THV System integrates the DurAVR® valve, ADAPT® tissue and the balloon-expandable ComASUR® Delivery System.
Anteris plans to use the net proceeds from the IPO, along with its existing cash and cash equivalents, to advance the development of its DurAVR® transcatheter heart valve and to prepare for and enrol participants in a global randomised pivotal study for treating severe aortic stenosis.
The remaining funds will be allocated to working capital and general corporate purposes, including repayment of amounts owed under its convertible note facility.