RLFTF - Relief pulls Nasdaq IPO filing of ADSs with aim to list ordinary shares on exchange

Relief Therapeutics ( OTCQB:RLFTF )( OTCQB:RLFTY ) said it is planning to list its ordinary shares on the Nasdaq instead of its American depository shares (ADSs).

Relief noted that it has decided to voluntarily withdraw a filing submitted to the U.S. Securities and Exchange Commission (SEC) on Aug. 23 2022, under which the company planned to uplist its shares on Nasdaq and raise a proposed $20M through a public offering.

The decision was made to explore alternative options for financing, including non-dilutive sources of capital, with the goal of listing its ordinary shares on the Nasdaq Stock Market.

Relief said that in January 2023, changes to Swiss corporate law became effective allowing Swiss companies to reverse split their ordinary shares.

The company's board will propose to shareholders to approve a reverse split of its ordinary shares, at a still to be determined ratio.

If the reverse split is successful, Relief will file an application to list its ordinary shares on Nasdaq instead of its ADSs, the company added.

"Working with the Swiss and U.S. regulators, we believe efforts to complete a reverse split and then list our ordinary shares on the Nasdaq will positively benefit our shareholders, complementing our current primary listing of ordinary shares on the SIX Swiss Exchange," said Relief CEO Jack Weinstein.

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