Cyberdyne Plans Nasdaq Listing Next Year for U.S. Expansionby
Japanese robot exoskeleton maker aims to boost exposure
Company seeking U.S. FDA approval for Hybrid Assistive Limb
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 company, whose shares trade in Tokyo, will seek a listing on the U.S. 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 percent Friday, the most since Feb. 18, before closing 2.2 percent higher at 2,029 yen in Tokyo.
Cyberdyne is seeking exposure from a U.S. 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 U.S. 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 program, which would allow its shares to trade on a major bourse. Cyberdyne started trading over-the-counter in the U.S. in October.
Cyberdyne hasn’t yet made a final decision about the proposed Nasdaq listing, Uga said.