Circadian Technologies (ASX: CIR, OTCQX: CKDXY) can now service interest from U.S. based investors after launching a Level 1 American Depositary Receipts (ADR) program and OTCQX quotation.
Quotation commenced today, with each ADR equivalent to five Circadian ordinary shares.
Robert Klupacs, CEO of Circadian, said the company had received particular interest from U.S. retail orientated broking houses, and also institutions with mandates to invest only in U.S. traded stocks.
"The establishment of a sponsored ADR Program allows them the opportunity to invest, creates a broader secondary market for the company's listed securities, and enables U.S. investors to trade in the company’s securities without the hazards of cross-currency transactions.”
Circadian’s ADR program is sponsored by BNY Mellon.