Oct 19 (Reuters) - Britain’s GW Pharmaceuticals Plc said it planned to cancel its listing in London’s junior market and would retain listing of its American Depositary Receipts (ADRs) on New York’s Nasdaq to simplify trading and cut expenses of dual listing.
The drug developer, which listed on London Stock Exchange’s Alternative Investment Market (AIM) in June 2001, said it would remain headquartered in the UK and would continue to expand its operations in the country.
“With the vast majority of shares now held and traded in the U.S. in the form of ADRs, the time is right to reduce the complexity and expense of a dual listing,” its Chief Executive Justin Gover said in the statement.
GW Pharma has had a rocky time on the London stock market, and in 2013 opted for a dual listing on the Nasdaq, where it has raised about $800 million from U.S. investors.
Its last day of trading on AIM will be Dec. 2, the company said. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)