Tokyo: Cyberdyne Inc, a Japanese maker of robot exoskeletons for physical therapy, plans to seek a Nasdaq listing next year to help boost its investor base in the world’s biggest economy.
The $3.6 billion (Dh13.2 billion) company, whose shares trade in Tokyo, will seek a listing on the US bourse in the first half of next year to increase its product recognition, Chief Financial Officer Shinji Uga said. It won’t raise any funds in the proposed transaction, he said in a Thursday phone interview. Cyberdyne shares jumped as much as 7.6 per cent Friday, the most since February 18, before closing 2.2 per cent higher at 2,029 yen in Tokyo.
Cyberdyne is seeking exposure from a US listing after its shares more than quintupled on the Tokyo Stock Exchange since its $88 million initial public offering in March 2014, data compiled by Bloomberg show. The company, based in eastern Japan’s Ibaraki prefecture, is awaiting US Food and Drug Administration approval for its Hybrid Assistive Limb product that assists movement in the disabled, according to Uga.
The company is seeking a listing under a so-called Level 2 American depositary receipt programme, which would allow its shares to trade on a major bourse. Cyberdyne started trading over-the-counter in the US in October.
Cyberdyne hasn’t yet made a final decision about the proposed Nasdaq listing, Uga said.
