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Clinuvel Pharmaceuticals Advances US Listing Plan With SEC Filing for Nasdaq ADS Upgrade

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Clinuvel Pharmaceuticals (ASX:CUV) filed a Form 20-F registration statement with the US Securities and Exchange Commission (SEC), paving the way to upgrade its American depositary receipt (ADR) program to Level II from Level I and list American depositary shares (ADS) on the Nasdaq Stock Market once the filing is declared effective, according to a Tuesday filing with the Australian bourse.

The move is intended to enhance visibility and liquidity in major capital markets, driven by increasing investor interest in its vitiligo treatment development program, per the filing.

The company currently trades over the counter in the US under the ADR ticker "CLVLY" and has stated that its ADS is expected to be listed on Nasdaq under the ticker "CUVL," with no intention to raise capital or issue new shares as part of the upgraded ADR program, the filing said.

The company said that the listing process remains subject to SEC review and Nasdaq approval, with no assurance of completion or timing, the filing added.

The company's shares gained about 1% in recent Tuesday trade.

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