Alvotech prepares listing on Nasdaq main market in Iceland
After becoming the first Icelandic company to list its shares both in the U.S. and Iceland, Alvotech prepares to move to the Nasdaq Main Market in Iceland. Listing on the Main Market can increase visibility and may allow Alvotech to be included in both Icelandic and international indexes.
Alvotech (NASDAQ: ALVO), announced that its Board of Directors has approved a plan to move its share listing from the First North Growth Market to the Nasdaq Main Market in Iceland (“Main Market”). Alvotech’s admission to trading on the Main Market is subject to an extensive application process. A Main Market listing can increase a company’s visibility and may result in inclusion in Icelandic and international indexes. Starting in September 2022, shares of companies listed on the Icelandic Main Market may become eligible for the FTSE Global All Cap and related indexes, subject to meeting certain conditions with respect to trading volume and duration of listing. The selection of shares to be included in the FTSE indexes is revised periodically, every six months.
Alvotech’s shares are currently listed on the Nasdaq Stock Market in the U.S. and on the Nasdaq First North Growth Market under the ticker symbol “ALVO”. Alvotech’s shares were admitted to trading in the U.S. on June 16, 2022, and in Iceland on June 23, 2022.
Róbert Wessman, founder and Executive Chairman of AlvotechWe look forward to starting the application process to move Alvotech’s shares to the Main Market in Iceland, after our debut as the first dual-listed Icelandic company in both the U.S. and Iceland.
The Nasdaq First North Growth Market is a multilateral trading facility (“MTF”) governed by a less extensive rulebook than the Main Market. The European Directive 2004/109/EC of 15 December 2004 on transparency requirements for issuers whose securities are admitted to trading on a regulated market (the “Transparency Directive”) does not apply to shares listed on MTFs. If its shares are admitted to trading on the Main Market in Iceland, Alvotech would become subject to supervision of the Luxembourg Commission de Surveillance du Secteur Financier as competent authority under the Transparency Directive, as transposed in Luxembourg.
For further information visit Alvotech website.