Anteris Technologies Ltd (ASX:AVR, OTC:AMEUF) has improved US investor access to its ordinary shares by establishing a sponsored Level 1 American Depository Receipt (ADR) program in the United States.
The ADRs representing Anteris ordinary shares will trade on the over-the-counter (OTC) market with the ticker symbol ANTTY.
ADRs are a financial instrument that allow US investors to hold shares of a foreign company without the need for cross-border or cross-currency transactions.
Simplify and streamline US access
The program intends to simplify and streamline US investors' access to investing in Anteris by eliminating the need to deal with foreign currencies or the complexities of trading on foreign stock exchanges.
Deutsche Bank (ETR:DBKGn) has been appointed as the depositary bank for the company’s ADR program.
To “raise awareness”
Anteris CEO Wayne Paterson said: “Establishing an ADR program through a partnership with Deutsche Bank will increase the company's visibility and recognition among US investors, analysts and financial media.
"This exposure will raise awareness about the company and our leading DurAVR™ technology with key stakeholders in the world's largest capital market.
"The program will broaden our shareholder base, increasing trading volumes and liquidity and attracting more institutional investors.”
Support commercial strategy
He added that the program would also further support Anteris’ commercial strategy “in delivering greater value to our shareholders.”
Anteris’ ADR program does not involve the issuance of new ordinary shares or the raising of new capital. ADRs will be tradeable by licensed US brokers in the ordinary course of trading on the OTC market.
Each ADR issued by Deutsche Bank represents an interest in one Anteris ordinary share that has been deposited with Deutsche Bank. ADRs are denominated in US dollars.