NEW YORK (GenomeWeb News) – Osmetech today said that suspension of trading of its shares on AIM in London could occur on Friday, and its shares would begin trading on the Nasdaq next Thursday, if the execution of its Underwriter Agreement is done before tomorrow morning.
The company announced in March its plans to float in the US, cease trading on the AIM in London, change its name to GenMark Diagnostics, and move its headquarters to Pasadena, Calif.
A UK court hearing to sanction its plans had been scheduled for Wednesday, but because of a delay in the closing of GenMark's fundraising, the hearing was delayed, resulting in a subsequent delay to the suspension of trading Osmetech shares on AIM. The day when Osmetech would begin trading on the Nasdaq and cancellation of trading on AIM also were delayed.
Today, the company said that a UK court has agreed to sanction its plan conditional upon the execution of the Underwriter Agreement by Osmetech and the underwriters before 7 a.m. BST, Friday.
If that happens, suspension of trading of Osmetech shares on AIM will take place at 7:30 a.m. Friday. Shares of GenMark stock would begin trading on the Nasdaq on June 3. Cancellation of trading on the AIM of Osmetech shares would take place the following day.
Also, Reuters today reported that Osmetech is cutting the price range for the planned US initial public offering to between $6 and $7 per share. The new price range would represent a reduction from a previously announced a range of between $8 and $10 per share. The company still plans to sell 4.5 million shares.
Reuters cited an unnamed underwriter in its story. Messages left with Osmetech officials by GenomeWeb Daily News had not been returned by the time this article was published.
Osmetech is expected to price its IPO after the close of the market today, according to the underwriter.