GOTEBORG, Sweden and SAN FRANCISCO, Sept. 3, 2014 /PRNewswire/ -- Heliospectra AB, a world leader in intelligent lighting technology for plant research and greenhouse cultivation, has signed an agreement with BNY Mellon (The Bank of New York Mellon Corporation) to carry out an ADR (American Depositary Receipts) program. As a result, Heliospectra shares will soon be traded in the United States.
BNY Mellon, based in New York, is the world's largest deposit bank. An American multinational banking and financial services corporation, the company has US$1.6 trillion in assets under management and US$27.9 trillion in assets under custody and/or administration.
With an ADR program in place, U.S. investors will be able to easily purchase Heliospectra shares in the local currency (USD) through their regular brokers and during normal American business hours. An ADR is a negotiable security that represents securities of a non-U.S. company that trades in the U.S. financial markets. Securities of a foreign company that are represented by an ADR are called American Depositary Shares (ADSs).
"We have seen a great interest in our products and our stock in the United States," said Heliospectra CEO Staffan Hillberg. "Becoming a part of the ADR program, particularly with a firm like BNY Mellon, has been an expressed desire for Heliospectra for a number of years. Now, our shares are more accessible in a market that we believe has great potential, and we expect that direct trading in the United States should, in practice, be up and running within a month from now."
The first ADR program was launched in 1927 with the company Selfridges. Today, more than 1,500 companies use ADR programs. Examples include SAP, Adidas, Ericsson, Statoil and GW Pharma. There are three different ADR program levels, and Heliospectra has chosen Level 1. This level is typically used by a majority of foreign companies because it offers reporting requirement and document translation advantages.
Heliospectra made its initial public offering (IPO) on the NASDAQ OMX First North on June 18, 2014. First North is a division of OMX and an alternative stock exchange for smaller companies operating in the Nordic countries. OMX AB is a Swedish-Finnish financial services company that's now a part of the NASDAQ OMX Group.
"Already in connection with the First North IPO, a number of American investors came in with capital and have followed the company," said Hillberg. "Because the American market is rapidly growing, Heliospectra sees this as a good thing for raising awareness for the company, broadening ownership further and offering American investors to participate in the exciting ongoing development of the company."
Heliospectra is known for developing and marketing "intelligent" light-emitting diode (LED) lighting solutions for food crop science and horticulture applications. What makes Heliospectra technology unique is that, based on Internet of Things (IoT) technology, it combines sensors - which monitor the condition of plants and how they use light - with state-of-the-art software that controls the lighting. This complete biofeedback system is protected by a portfolio of patents and patents pending.
Heliospectra's premier product is its patented, energy-efficient LX60 Series LED system. The LX60 is the most sophisticated, modular LED lamp available for commercial and R&D grow operations worldwide. The LX60 is wi-fi enabled, allowing for online monitoring, scheduling and control. Among other features, external sensors and software can be added to the system.
Heliospectra AB (publ - listed on NASDAQ OMX First North) Founded in 2006 and specializing in intelligent lighting technology for plant research and greenhouse cultivation. Heliospectra products are based on in-depth knowledge in plant physiology and photosynthesis along with a unique way to utilize modern LED technology. After six years of development in Sweden, the company has now begun to expand into the international market. The company has raised more than $ 15 million in venture capital and has received more than $2.6 million through academic scholarships and grants. It has also received numerous awards for its forward thinking technology. Principal owner: Industrial Fund www.industrifonden.se, Midroc www.midroc.se; Weland Steel www.welandstal.se; Wood & Hill Investment www.woodhillinvestment.com.
SOURCE Heliospectra AB