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Key regulatory approvals, including SIX Stock Exchange Regulation approval for the listing of Sandoz shares on the Swiss stock exchange, have now been received, Novartis said on Monday. Sandoz shares will be listed and traded under the symbol “SDZ”. Following the separation from Novartis, Sandoz will become a member of the SLI and SPI indices, among other indices.
In addition, Sandoz secured approximately $3.75 million in external financing from various banks. It was also stated that they supported Sandoz with a $1.25 billion revolving credit facility that acts as a backstop facility that cannot be withdrawn.
Novartis wants to offer a program called the ADR program with escrow receipts (American Depository Receipts) in the US. ADRs will be traded on the OTCQX exchange.
The spin-off will also be completed with Novartis’ in-kind dividend distribution, which is expected to occur on October 4, 2023. As has been known for some time, existing Novartis shareholders will each receive one Sandoz share for every five Novartis shares. The same rate should be applied to the ADR program. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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