Reduction Therapeutics (OTCQB:RLFTF)(OTCQB:RLFTY) stated it’s planning to checklist its strange shares on the Nasdaq as an alternative of its American depository shares (ADSs).

Reduction famous that it has determined to voluntarily withdraw a submitting submitted to the U.S. Securities and Trade Fee (SEC) on Aug. 23 2022, below which the corporate deliberate to uplist its shares on Nasdaq and lift a proposed $20M by way of a public providing.

The choice was made to discover different choices for financing, together with non-dilutive sources of capital, with the aim of itemizing its strange shares on the Nasdaq Inventory Market.

Reduction stated that in January 2023, adjustments to Swiss company legislation grew to become efficient permitting Swiss firms to reverse break up their strange shares.

The corporate’s board will suggest to shareholders to approve a reverse break up of its strange shares, at a nonetheless to be decided ratio.

If the reverse break up is profitable, Reduction will file an utility to checklist its strange shares on Nasdaq as an alternative of its ADSs, the corporate added.

“Working with the Swiss and U.S. regulators, we consider efforts to finish a reverse break up after which checklist our strange shares on the Nasdaq will positively profit our shareholders, complementing our present main itemizing of strange shares on the SIX Swiss Trade,” stated Reduction CEO Jack Weinstein.