London United Kingdom – 1- December 2017 –Cognosec AB (the “Company”) (NASDAQ First North: COGS), an international leader in Cybersecurity, GRC and PCI services today announces its intention for a listing of its shares through the issue of American Depository Receipts (“ADR”) on the NASDAQ Exchange in New York.
The Company is exploring listing options including a sponsored ADR programme with a U.S. Depositary Investment Bank which would include plans for record keeping, the distribution of shareholder communications, payment of dividends and other associated services. The company believes that a listing in New York will improve analyst coverage and general liquidity of the Cognosec shares.
In addition to the benefit of exposure to a U.S. investor base, the Company also intends to raise new capital of up to $25 million through the ADR issuance process having already received underwriting proposals from interested parties.
Depending on the listing option selected and the level of ADR’s issued, the process may, following the appointment of appropriate advisers and taking into account any relevant U.S. Securities Exchange Commission (SEC) approvals, including those of the board of directors of the Company, take between 9 to 12 weeks to complete.
The Company will release further information as and when appropriate on the various steps to approval.
An ADR is a negotiable certificate issued by a U.S. Bank that represent the shares of a non-U.S. company, held by an American based depositary bank outside of the United States, allowing investors in the U.S. to invest in the company and thereby provide the foreign company with access to the U.S. capital markets.
ADRs are denominated in U.S. dollars, with the underlying security held by a U.S. financial institution overseas.
It remains the Company’s intention to continue with its listing on NASDAQ First North Stockholm alongside the planned New York ADR listing.
For further information, please contact:
Tim Metcalfe / Miles Nolan
IR-contact, Cognosec AB
This information is information that Cognosec AB is obliged to make public, pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 1 December at 09:00 CET.
Cognosec AB (Publ) is engaged in providing cyber resilience solutions and in cyber-attack prevention. The business conducts international operations from offices in Sweden, South Africa, the UK, Kenya, Germany, Austria and the United Arab Emirates. Listed on Nasdaq First North (Nasdaq:COGS), Cognosec delivers services and bespoke technologies to enhance public and private sector organisations’ protections against unwanted intrusions and designs holistic, organisation-wide solutions to prevent diverse and increasing forms of information and identity theft. Cognosec had revenues of EUR14.64m in 2016 and employed 140 personnel at the end of Q3 2017. For further information, please visit www.cognosec.se