Link to Hebrew immediate report
HBL - Hadasit Bio-Holdings Ltd. (TASE:HDST) is proud to report that following the expected approval by the U.S. Securities and Exchange Commission, which is expected tomorrow, the 20th of June 2011, the company together with the Bank of New York Mellon, (NYSE:BK) will initiate a level I sponsored ADR program.
The program will enable the conversion of the company’s shares to American Depositary Shares (‘ADS’), representing the company’s shares at a ratio of twenty (20) ordinary shares per one (1) ADS and will be traded on the over the counter market in the U.S. under the ticker symbol HADSY.
ADS securities may be converted to the ordinary shares that they represent and ordinary shares may be converted to ADSs, all in accordance with the terms of the program.
The program will allow for American investors, both private and institutional, to invest in the company by purchasing ADSs. In light of recent developments in HBL, namely strategic partnerships and active clinical trials in the portfolio companies, the company believes that the exposure to foreign markets can benefit the company and its portfolio companies, as well as providing investors in the US an opportunity to invest in HBL.