Itamar Medical Ltd will list and trade its American Depositary Shares (ADSs) on the Nasdaq Capital Market under the ticker symbol “ITMR” through a level II ADS program.
The Bank of New York Mellon is serving as depositary for the ADSs with each ADS representing 30 ordinary shares of the company. The company’s ordinary shares will continue to trade on the Tel Aviv Stock Exchange under the symbol “ITMR.” The Nasdaq listing follows the previously disclosed execution of definitive agreements for a private placement of $14.7 million, mostly by issuance of ADSs, with the participation of a fund managed by Deerfield Management Company LP, as well as Triple Gate Capital LP, West Elk Partners LP, and Alpha Capital Anstalt, among others, with net proceeds to be used, once the transaction is consummated, primarily to accelerate the company’s revenue growth through direct expansion of its sales and marketing initiatives.
“Listing on Nasdaq is a major corporate milestone as we accelerate our growth in the expanding US home sleep test market,” says Gilad Glick, Itamar Medical CEO, in a release. “By listing our ADSs on the Nasdaq, combined with the recent pending private placement, we believe we can extend the communication of the Itamar story to a broader audience of investors and generate value for our shareholders. The listing also strengthens our position to further enhance market awareness of our innovative products and comprehensive solutions for sleep apnea to both sleep physicians and cardiologists. Cardiologists already recognize the significance of sleep apnea diagnosis to heart health and we intend to continue to increase our presence in US cardiac centers.”
Goldfarb Seligman & Co. served as Itamar Medical’s legal advisors in connection with the Nasdaq listing.
This news story does not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities of the Company in the United States or Israel. The offering of the company’s securities described above (including all underlying securities thereof) has not been, nor will it be, registered under the United States Securities Act of 1933, as amended, any state securities laws, or Israeli securities laws and such securities may not be offered or sold within the United States, or to, or for the account or benefit of, US persons, except pursuant to an effective registration statement under the 1933 Act or an applicable exemption from the US registration requirements.