ROKIT Healthcare(376900) has put its plan to list on the U.S. Nasdaq on hold. The company said it would resume after supplementing related requirements to reflect Nasdaq's view that a low free float after listing could increase share-price volatility.
ROKIT Healthcare said on the 28th that it voluntarily withdrew its application to list on the U.S. Nasdaq Global Market through a correction disclosure related to the decision to list its subsidiary, U.S. entity ROKIT AMERICA, INC., on an overseas securities market via the Financial Supervisory Service electronic system. According to the company, it received official notice from Nasdaq on the 27th (U.S. time) regarding the voluntary withdrawal of the listing application.
The reason for the withdrawal is the expected free-float ratio after listing. The company said, "Reflecting Nasdaq's view that share-price volatility could become excessively high as the free-float ratio after listing is expected to be around 10%, we halted the listing process."
The company plans to resume the listing after preparing measures to increase the free-float ratio. The company also disclosed that this voluntary withdrawal does not restrict a future reapplication for a Nasdaq listing.
On May 5, ROKIT Healthcare said it planned to list 27,631,679 shares of common stock through ROKIT AMERICA and pursue a public offering of about $25 million. However, in this correction disclosure, all related details, including the number of shares to be listed and the size of the public offering, were deleted.
ROKIT AMERICA's main businesses are organ regeneration platform (ORP) research and regulatory strategy development and sales, and anti-aging health food sales and research and development. As of the end of last year, its total assets were about 8.1 billion won, accounting for 14.74% of consolidation total assets.