Pinsent Masons has advised AIM listed biotech company 4D on its acquisition of Longevity Acquisition Corporation, a SPAC listed on the NASDAQ.
The Nasdaq Stock Market, or simply Nasdaq, is the second-largest stock exchange in the world for investors looking to buy and sell shares of stock. Nasdaq was initially an acronym, NASDAQ, which stands for the National Association of Securities Dealers Automated Quotations.
Upon completion of the transaction 4D will apply for its American Depositary Shares to be admitted to trading on NASDAQ.
4D, who are leading the development of live biotherapeutic products, are believed to be the first United Kingdom biotech to make the move to NASDAQ via the acquisition of a SPAC, breaking new ground for UK listed biotech’s. The Company will also maintain its current listing on AIM.
With 4D acquiring the SPAC in order to inherit its listing on NASDAQ, they are able to by-pass the usual nine month lead-in time foreign issuers have to contend with when seeking a direct listing on NASDAQ.
The Pinsent Masons team was led by Charles Waddell and Sunjay Malhotra with assistance from Julian Stanier, Amy Moore and Nathalie Goetsches; United States securities advice was provided by Roberta Markovina and Beatrice Kelly; Eloise Walker, Jamie Robson and Daniel Place assisted on United Kingdom tax matters; and Fleur Benns and James Sullivan-Tailyour provided assistance with regards to 4D’s share option plans.
Pinsent Masons is an international law firm which specialises in the energy, infrastructure, financial services, real estate and advanced manufacturing and technology sectors.
The law firm ranks among the top hundred law firms in the world by turnover.