Tiziana Life Sciences PLC (LSE:TILS, NASDAQ:TLSA, FRA:RTRA, OTC:TIZAF) told investors it has formally begun its strategic plan to change its corporate structure.
It has established a Bermuda-incorporated company Tiziana Life Sciences Ltd which is the ultimate parent company of the Tiziana Group.
Shareholders in the existing Tiziana Life Sciences PLC (LSE:TILS, NASDAQ:TLSA, FRA:RTRA, OTC:TIZAF) entity will receive shares in the new entity which will be directly listed on NASDAQ following the scheme becoming effective. Holders will receive one new Tiziana share for every two old Tiziana shares they hold.
In step, the old entity will be delisted from trading on the main market of the London Stock Exchange.
Holders of the current Tiziana ADS will receive shares in the new company and the ADS will cease to trade.
The company, in a statement, noted that it was decided that “the interests of its business and shareholders are best served by aligning the place of the listing with the principal business activities of the Tiziana Group, which are predominately based in the US”.
“The board concluded that England was not the most appropriate domicile for the parent company of the Tiziana Group because it is not possible to directly list shares of English companies on NASDAQ.”