Titomic (ASX:TTT) said it has entered into a scheme implementation deed to redomicile itself and its units to the US from Australia by way of a proposed scheme of arrangement with shareholders, according to a Wednesday Australian bourse filing.
If the scheme becomes effective, Titomic Inc., a newly formed Delaware corporation, will become the new ultimate parent company, and all ordinary shares in Titomic Limited will be transferred to Titomic Inc.
Shareholders will receive a beneficial interest in one share of common stock in Titomic Inc. for every 25 shares held, in the form of Chess depositary interests (CDIs), while the ASX listing will be retained under the existing code TTT, the filing added.
Titomic said the redomiciliation will enhance board and leadership participation in the expansion of its US defense business, including engagements with tier-one prime contractors supporting US Department of War programs subject to International Traffic in Arms Regulations export controls.
The move positions the Titomic Group to take advantage of the larger US market, growth in the defense industrial base, and the reshoring of sovereign manufacturing, while maintaining its ASX listing, with the board and management team to remain unchanged at this stage, it added.