Commencement of trading on OTCQB in the United States
Renalytix plc (LSE: RENX) (OTCQB: RNLXY), an AI-enabled in vitro diagnostics company focused on kidney disease management, has announced the commencement of trading of its American Depository Shares (ADSs) on the OTCQB Venture Market under the symbol 'RNLXY' effective October 8, 2024. This move follows the company's decision to downlist from Nasdaq to reduce costs and redirect capital towards commercialization efforts.
CEO James McCullough stated that recent steps to improve the balance sheet through financing and restructuring have positioned the company to pursue strategic goals towards improved profitability. The transition to OTCQB, along with continued listing on the London Stock Exchange, is expected to significantly decrease general and administrative costs, allowing Renalytix to focus on growing sales of kidneyintelX and delivering shareholder value.
Renalytix plc (LSE: RENX) (OTCQB: RNLXY), un azienda di diagnostica in vitro abilitata dall'IA focalizzata sulla gestione delle malattie renali, ha annunciato l'inizio della negoziazione delle sue American Depository Shares (ADS) sul mercato OTCQB Venture con il simbolo 'RNLXY', a partire dall'8 ottobre 2024. Questa mossa segue la decisione dell'azienda di abbandonare il Nasdaq per ridurre i costi e reindirizzare il capitale verso sforzi di commercializzazione.
Il CEO James McCullough ha dichiarato che i recenti passi per migliorare il bilancio attraverso finanziamenti e ristrutturazioni hanno posizionato l'azienda per perseguire obiettivi strategici volti a migliorare la redditività. La transizione all'OTCQB, insieme alla continua quotazione alla Borsa di Londra, dovrebbe ridurre significativamente i costi generali e amministrativi, consentendo a Renalytix di concentrarsi sulla crescita delle vendite di kidneyintelX e sulla creazione di valore per gli azionisti.
Renalytix plc (LSE: RENX) (OTCQB: RNLXY), una empresa de diagnósticos in vitro impulsada por IA enfocada en la gestión de enfermedades renales, ha anunciado el inicio de la negociación de sus American Depository Shares (ADS) en el mercado OTCQB Venture bajo el símbolo 'RNLXY', a partir del 8 de octubre de 2024. Este movimiento sigue la decisión de la empresa de abandonar Nasdaq para reducir costos y redirigir capital hacia esfuerzos de comercialización.
El CEO James McCullough declaró que los pasos recientes para mejorar el balance financiero a través de financiamiento y reestructuración han posicionado a la empresa para perseguir metas estratégicas hacia una mayor rentabilidad. La transición a OTCQB, junto con la continua cotización en la Bolsa de Valores de Londres, se espera que reduzca significativamente los costos generales y administrativos, permitiendo a Renalytix centrarse en aumentar las ventas de kidneyintelX y ofrecer valor a los accionistas.
Renalytix plc (LSE: RENX) (OTCQB: RNLXY)는 AI 기반 인체외 진단 회사로, 신장 질환 관리에 중점을 두고 있으며, 2024년 10월 8일부터 'RNLXY' 기호 아래 OTCQB 벤처 마켓에서 미국 예탁주식(ADS)의 거래를 시작한다고 발표했습니다. 이 결정은 회사가 나스닥에서 하향 조정하기로한 결정에 따라 비용을 줄이고 상업화 노력에 자본을 재배치하게 된 것을 반영합니다.
CEO 제임스 맥컬로우는 최근 자산 현황 개선을 위한 자금 조달과 구조조정 조치가 회사를 전략적 목표 달성을 위한 위치에 두었다고 언급했습니다. OTCQB로의 전환과 런던 증권 거래소에서의 지속적인 상장은 일반 및 관리 비용을 크게 줄이는 데 기여할 것으로 기대하고 있으며, Renalytix가 kidneyintelX의 판매 성장과 주주 가치를 창출하는 데 집중할 수 있도록 해 줍니다.
Renalytix plc (LSE: RENX) (OTCQB: RNLXY), une entreprise de diagnostics in vitro propulsée par l'IA qui se concentre sur la gestion des maladies rénales, a annoncé le début des échanges de ses American Depository Shares (ADS) sur le marché OTCQB Venture sous le symbole 'RNLXY' à compter du 8 octobre 2024. Cette décision fait suite à celle de l'entreprise de descendre de Nasdaq afin de réduire les coûts et de réorienter le capital vers des efforts de commercialisation.
Le PDG James McCullough a déclaré que les mesures récentes pour améliorer le bilan par le biais de financements et de restructurations ont permis à l'entreprise de poursuivre des objectifs stratégiques visant à améliorer la rentabilité. La transition vers OTCQB, en parallèle d'une cotation continue à la Bourse de Londres, devrait réduire considérablement les coûts généraux et administratifs, permettant à Renalytix de se concentrer sur la croissance des ventes de kidneyintelX et la création de valeur pour les actionnaires.
Renalytix plc (LSE: RENX) (OTCQB: RNLXY), ein KI-gestütztes Unternehmen für in-vitro-Diagnostik, das sich auf das Management von Nierenerkrankungen konzentriert, hat den Begin der Handelsaktivitäten seiner American Depository Shares (ADS) auf dem OTCQB Venture Markt unter dem Symbol 'RNLXY' zum 8. Oktober 2024 angekündigt. Dieser Schritt folgt der Entscheidung des Unternehmens, von Nasdaq zu wechseln, um Kosten zu reduzieren und Kapital in Richtung Kommerzialisierungsanstrengungen umzuleiten.
CEO James McCullough erklärte, dass kürzliche Maßnahmen zur Verbesserung der Bilanz durch Finanzierungs- und Restrukturierungsaktionen das Unternehmen in die Lage versetzt haben, strategische Ziele zur Verbesserung der Rentabilität zu verfolgen. Der Wechsel zum OTCQB, verbunden mit der fortgesetzten Notierung an der London Stock Exchange, soll die allgemeinen und administrativen Kosten erheblich senken, sodass Renalytix sich auf das Wachstum der Verkäufe von kidneyintelX und die Schaffung von Shareholder Value konzentrieren kann.
- Transition to OTCQB expected to significantly reduce general and administrative costs
- Recent financing round completed with high-quality investors
- Business restructured with a lean and efficient market-driven model
- Focus on growing sales of kidneyintelX product
- Downlisting from Nasdaq to OTCQB may reduce visibility and liquidity for U.S. investors
Insights
The move from Nasdaq to OTCQB is a significant development for Renalytix, primarily aimed at cost reduction. This transition will substantially decrease general and administrative expenses associated with maintaining a Nasdaq listing. While this could be seen as a step back in terms of prestige, it's a strategic decision to preserve capital and redirect resources towards core business activities.
The company recently completed a financing round, improving its balance sheet. Combined with the cost savings from the OTCQB move, this positions Renalytix to focus on commercializing its kidneyintelX product and pursuing profitability. However, investors should note that trading on the OTCQB may result in reduced liquidity and potentially lower visibility compared to a Nasdaq listing.
Overall, this move reflects a shift towards a leaner, more focused business model. While it may raise some concerns about the company's current financial position, it also demonstrates management's commitment to cost control and strategic resource allocation. The impact on the stock price and investor sentiment in the short term may be negative, but the long-term effects will depend on the company's ability to execute its growth strategy and improve financial performance.
Renalytix plc American Depository Shares (ADSs) begin trading on OTCQB Venture Market under symbol “RNLXY” effective from Market Open on October 8, 2024
LONDON and NEW YORK, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Renalytix plc (LSE: RENX) (OTCQB: RNLXY), an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and advance value-based care, announces that as previously disclosed regarding its intention to move listing of its American Depository Shares (“ADSs”) from Nasdaq to the OTC Markets Group Inc., that effective with the market open today its ADSs are now trading on the OTCQB.
The Directors have considered the benefits of the Nasdaq listing against the cost of maintaining the listing and have decided to downlist the ADSs from Nasdaq, and apply to have the ADSs quoted on the OTCQB. Accordingly, the Company has filed Form 25 with the United States SEC on October 7, 2024, and as a result, the Company’s last trading day of its ADSs on Nasdaq was October 7, 2024.
James McCullough CEO of Renalytix, said: “With recent steps to improve our balance sheet through completing a financing round with high-quality investors, and structuring our business with a tight commercial focus on growing sales through a lean and efficient market-driven model, we believe we now have the capital and cost structure to pursue our strategic goals toward improved profitability.
“Moving to the OTC along with our continued shares listing on the London Stock Exchange significantly decreases our general and administrative costs as a public company. Along with other actions taken within the business, this allows us to redirect valuable capital resources towards the commercialization of kidneyintelX and focus on delivering shareholder value.”
The OTCQB® Venture Market is a platform operated by the OTC Markets Group Inc. for entrepreneurial and development stage U.S. and international companies, and is considered by the Securities and Exchange Commission to be an “established public market” for determining the public market price when registering securities for resale. Companies trading on the OTCQB must be current in their reporting and undergo an annual verification and management certification process. Additional information about the OTC Markets Group Inc. and the OTCQB can be found at www.otcmarkets.com.
For further information, please contact:
| Renalytix plc | www.renalytix.com | |
| James McCullough, CEO | Via Walbrook PR | |
| Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker) | Tel: 020 7710 7600 | |
| Nicholas Moore / Nick Harland / Ben Good | ||
| Oberon Capital (Joint Broker) | Tel: 020 3179 5300 | |
| Mike Seabrook / Nick Lovering / Jessica Cave | ||
| Walbrook PR Limited | Tel: 020 7933 8780 or renalytix@walbrookpr.com | |
| Paul McManus / Alice Woodings | Mob: 07980 541 893 / 07407 804 654 | |
| CapComm Partners | ||
| Peter DeNardo | Tel: 415-389-6400 or investors@renalytix.com | |
About Renalytix plc
Renalytix (LSE: RENX) (OTCQB: RNLXY) is an artificial intelligence enabled in-vitro diagnostics and laboratory services company that is the global founder and leader in the field of bioprognosis™ for kidney health. In late 2023, our kidneyintelX.dkd test was recognized as the first and only FDA-authorized prognostic test to enable early-stage CKD (stages 1-3b) risk assessment for progressive decline in kidney function in T2D patients. By understanding how disease will progress, patients and clinicians can take action earlier to improve outcomes and reduce overall health system costs. For more information, visit www.renalytix.com.
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