Citigroup Inc [NYSE: C] disclosed that it has been chosen to serve as a depositary bank for its American Depositary Receipt (ADR) program by Molecular Partners AG (Molecular Partners). Molecular Partners AG has gained recognition as a clinical-stage biotech firm developing DARPin therapeutics to tackle the problems that existing modalities cannot.
It has been disclosed that American Depositary Shares (ADS) of Molecular Partners trade on the Nasdaq Global Market. The ADS is using the symbol “MOLN”. Each ADS signifies one ordinary share of the firm. Molecular Partners’ CFO disclosed that this is a great development as Citi will be very useful for the firm as it will back the firm in its new Nasdaq listing.
Shares of Citigroup plunged 1.82% as the firm has lost -1.25 during the trading session of Friday. In the past 52-week trading session, the firm’s share oscillated between the 52-week low range of $40.49 and $80.29 during the past 52-week low and high range, respectively. Citigroup has a total market capitalization of $142.34 billion at the time of writing.
Stating on the selection, Dirk Jones, Global Head of Issuer Services, at Citi disclosed that the firm is seeing ahead to backing Molecular Partners’ ADR program and growing the investor outreach of the firm through the expertise of its Investor Relations Advisory team and the breadth of its global equity distribution network.