Alexium International Group (ASX:AJX) has been admitted to NASDAQ International Designation, which will increase visibility for its current traded securities in the U.S.
Alexium’s Level 1 American depository receipts (ADRs) currently trade in the U.S. on the OTC market.
The Level 1 ADRs will now trade on NASDAQ International Designation under ticker AXXIY and will cease being listed on the OTCQX.
Dirk Van Hyning, president, commented: “Alexium’s growing sales and market penetration for its environmentally friendly specialty chemical products has led to an increase in interest from within the US investment community.
“This NASDAQ International Designation is a precursor to a NASDAQ Main board listing which is currently being progressed with NASDAQ.”
About the NASDAQ International Designation
The NASDAQ International Designation program commenced in December 2015.
Two of the initial international designation companies were Qantas Airways (ASX:QAN) and Macquarie Group (ASX:MQG).
The NASDAQ International Designation is not a U.S. regulated public exchange but companies are distinguished from other OTC traded companies by having met NASDAQ’s high program requirements.
Alexium is not required to issue any new shares under the NASDAQ International Designation or to convert its existing Level 1 ADRs to publicly tradeable Level 2 ADRs for listing on the NASDAQ main board.
Background
Alexium holds proprietary patent applications for novel technologies developed to provide flame retardancy for a wide range of materials.
These environmentally friendly flame retardants have applications for a number of industries and can be customized.
Further, Alexium has developed products for a range of other applications including phase-change materials, water repellents, antimicrobials, and combinations thereof.
Applications under development include but are not limited to textiles, packaging, electronics, and building materials.
Alexium’s chemical treatments are currently marketed under the Alexiflam™, Alexiflam FR™, Alexiflam SYN™, Alexiflam NF™, Alexiflam AD™, Alexiflam PB™, and Alexicool™ brand names.