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Clinuvel Board Mulls Change to Group Structure, Potential Nasdaq Listing, ASX Delisting; Shares Dive 9%

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Clinuvel Pharmaceuticals (ASX:CUV) said its board is considering a transaction under which the firm would change its group holding structure, seek a listing of its ordinary shares on the Nasdaq Stock Market, and delist from the ASX, according to a Thursday Australian bourse filing.

It is establishing its new headquarters in the US, effective Jan. 1, 2027.

Under a potential scheme of arrangement, a foreign holding company would become the new parent company of the Clinuvel, per the filing. Current shareholders of would receive ordinary shares in the holding company, representing an equivalent proportionate economic interest to their existing stake in Clinuvel. The holding company would then seek to list on the Nasdaq.

The company's shares tumbled 9% in recent trading on Thursday.

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