(Alliance News) - 4D Pharma PLC on Thursday said it has filed a registration statement in the US and expects to launch a new American depositary receipt programme in connection with its proposed Longevity Acquisition Corp merger.
Shares in 4D Pharma were up 3.6% at 93.40 pence in London in morning trading.
The Leeds-based pharmaceutical company announced plans for its merger with NASDAQ-listed special-purpose acquisition company Longevity Acquisition Corp back in October.
The SPAC's shareholders will hold 13% of the enlarged firm. The deal values 4D Pharma shares at GBP1.10 each, GBP144.5 million altogether.
4D Pharma will launch its ADR programme and apply to admit its ADSs for trading on NASDAQ. These will then, if 4D Pharma shareholders give approval, be offered to Longevity shareholders as consideration under the terms of the merger.
By Anna Farley; annafarley@alliancenews.com
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