BirchBioMed Seeks to List up to 29.9M Shares on NASDAQ in Direct Listing

Dow Jones05:45

BirchBioMed is seeking to list up to 29.9 million shares on the Nasdaq Global Market exchange in a direct listing.

The clinical-stage biopharmaceutical company said some of its shareholders may sell up to 29.9 million shares in the listing, according to a Wednesday filing with the Securities and Exchange Commission.

Unlike an initial public offering, the listing is not being underwritten by an investment bank and BirchBioMed will also not receive any proceeds, according to the filing.

The shareholders may or may not elect to sell their shares in the listing, the company said in the filing.

Following the listing, the company will continue to be a controlled company, with four shareholders including the chief executive and chief operating officer holding more than 50% of the company's voting power.

The company said it applied to list its shares on Nasdaq under the symbol BRBM.

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