Nanostart AG (fwb:NNS),
the Frankfurt-based nanotechnology investment company, announced the commencement
of trading today of its American Depositary Receipts (ADRs), which will now
trade in the United States on the OTCQX electronic trading system under the
ticker symbol NASRY.
With this step, Nanostart ADRs can now be traded on the world's largest capital
market, the United States, like any other U.S. security: during U.S. market
hours, with pricing and settlement in U.S. dollars, and with normal custody
in U.S. brokerage accounts.
ADRs are securities issued by a U.S. depositary bank which certify ownership
of the shares of an international company held in safekeeping by the bank. Because
they are U.S. domestic securities, ADRs are a convenient alternative to direct
ownership of foreign equities. The depositary bank for the ADRs of Nanostart
AG, which is a Sponsored Level 1 program, is Bank of New York Mellon. Ten Nanostart
ADRs correspond to one Nanostart share.
"The admission of our ADRs for trading on the OTCQX offers many of the
benefits of a full U.S. exchange listing, but without the associated high costs
and legal burden," explained Marco Beckmann, CEO of Nanostart AG. "Through
the ADR program, U.S. investors gain access to foreign equities through the
domestic U.S. market system. The U.S. capital market opens a whole new dimension
for international companies."
"Companies use OTCQX to expand their access to investors, engage them
with quality disclosure of their financials, and provide trading transparency
to stimulate liquidity," said R. Cromwell Coulson, President and CEO of
Pink OTC Markets Inc., parent of the trading system. "We are pleased to
welcome Nanostart to OTCQX."