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Posted: Oct 21, 2010
Nanostart AG Commences U.S. Trading of ADRs
(Nanowerk News) Nanostart AG, 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."
The ADR program does not constitute an offering of shares by Nanostart AG, nor may these ADRs be offered publicly in Germany. Investors may obtain real-time financial and trading information about Nanostart ADRs under www.otcqx.com as well as www.otcmarkets.com.
Nanostart AG, headquartered in the German financial capital of Frankfurt, is the world's leading nanotechnology investment company, with portfolio companies spanning the globe from Silicon Valley to Singapore. The company provides venture capital financing for nanotechnology companies in various growth phases with a focus on innovation-driven industries of the future such as cleantech, life sciences and IT/electronics. Through its subsidiary and venture capital fund in Singapore, Nanostart is proud to be the investment partner of the Singaporean government. Some U.S. peer companies which are likewise engaged in nanotechnology or other high-tech investing are Harris & Harris Group Inc., Arrowhead Research Corp. and Safeguard Scientifics Inc. For further information about the company, please visit www.nanostart.de.