Argent BioPharma Ltd shares slumped on Friday as it said it will delist from the London Stock Exchange, and hinted at a potential future dual listing on a US-based exchange.
The Australia-based drug discovery company said its last day of trading on the LSE will be December 31, after the required 20 business days’ notice.
Shares in Argent BioPharma sank 27% to 11.35 pence in London on Friday morning.
The company noted that it has a ‘growing investor base’ in the US with operations and management in the EU.
It said it ‘may still look to explore opportunities to expand its accessibility to investors, including the potential for a dual listing on a United States-based exchange’.
The company will maintain its shares on the Australian Securities Exchange and the OTCQB venture market in the US.
Argent BioPharma said it had conducted a ‘detailed review of both the listing requirements and costs associated with the transfer of all its ordinary shares’ to come to the decision.
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