Relief Therapeutics pulls planned IPO

Relief Therapeutics (SIX: RLF) has decided to voluntarily withdraw its planned initial public offering (IPO), the Swiss biopharma company announced today, when its shares dipped 1%.

Relief had filed an F-1 with the US Securities and Exchange Commission (SEC) back in August last year, proposing to offer American Depositary Shares (ADS), which each represent 150 of Relief’s ordinary shares in Switzerland, on Nasdaq. Under those plans, Relief aimed to raise about $25 million through a mix of ADS and warrants to purchase its ADS.

In January 2023, changes to Swiss corporate law became effective allowing Swiss companies to reverse split their ordinary shares. Relief Therapeutics' board of directors will propose to shareholders to approve a reverse split of the Company's ordinary shares at a still to be determined ratio. An Extraordinary General Meeting (EGM) will be convened once ongoing preparations are in place. If the reverse split is completed successfully, Relief Therapeutics will file an application to list its ordinary shares on the Nasdaq Stock Market instead of its American depository shares (ADSs).