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AVITA Medical Limited Implementation of the Scheme of Arrangement to Redomicile from Australia to the United States of America
VALENCIA, Calif. & MELBOURNE, Australia--(BUSINESS WIRE)-- AVITA Medical Limited ACN 058 466 523 (Company) is pleased to announce that the scheme of
About this update from Avita Medical, Inc.
[{"type":"text","content":" VALENCIA, Calif. & MELBOURNE, Australia--(BUSINESS WIRE)--\nAVITA Medical Limited ACN 058 466 523 (Company) is pleased to announce that the scheme of arrangement to effect the redomiciliation of the Company and its subsidiaries (Avita Group) from Australia to the United States of America (Scheme) has today been implemented. As previously announced, the Scheme was approved by the Company’s shareholders at the Scheme meeting held via live webcast on 15 June 2020 and approved by the Federal Court of Australia on 22 June 2020.\n\n\nIn accordance with the Scheme, all ordinary shares in the Company have today been transferred to AVITA Therapeutics, Inc. (Avita US), a company incorporated in the State of Delaware in the United States of America. Avita US is now the sole shareholder in the Company and the ultimate parent company of the Avita Group.\n\n\nAs contemplated by the Scheme, the Scheme consideration was today issued to eligible shareholders of the Company in the form of:\n\n\n\nAvita US CHESS Depositary Interests (CDIs), which commenced trading on a deferred settlement basis on ASX on 24 June 2020 and will commence trading on a normal settlement basis on 30 June 2020 (under the Company’s existing ticker code, “AVH”); or\n\n\nShares of common stock in Avita US, trading in respect of which is currently anticipated to commence on the NASDAQ Stock Market LLC (NASDAQ) on 1 July 2020 (under the Company’s existing ticker code, “RCEL”).\n\n\n\nIn relation to Avita US CDIs issued under the Scheme, holding statements (to issuer sponsored holders) and confirmation advices (to CHESS holders) will be despatched to eligible shareholders on 30 June 2020.\n\n\nAvita US, as the successor to the Company, will be subject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC) and applicable corporate governance rules of NASDAQ in addition to the ASX Listing Rules.\n\n\nFurther Information\n\n\nFurther details in relation to the Scheme and its implementation (including Scheme consideration) are set out in the Scheme Booklet dated 11 May 2020. A copy of the Scheme Booklet was attached to the Company’s ASX announcement of 12 May 2020, and is also available on the Company’s website (https://www.avitamedical.com/).\n\n\nAuthorised for release by the Chief Financial Officer of AVITA Medical Limited.\n\n\nABOUT AVITA MEDICAL ...