Opthea Limited (ASX: OPH) Announces Voluntary Nasdaq Delisting

Opthea Limited (ASX: OPH), a biotechnology company Australia, recently announced its decision to voluntarily delist its American Depositary Shares (ADSs) from the Nasdaq Global Select Market. This strategic shift will see Opthea maintain its primary listing on the Australian Securities Exchange. The Opthea Nasdaq delisting signifies the company’s commitment to streamlining operations and reallocating resources towards its core therapeutic development, marking a notable event in recent ASX biotech news.

The biopharmaceutical company, specialising in developing novel therapies for diseases mediated by Vascular Endothelial Growth Factors (VEGF) C and/or D, cited regulatory compliance challenges and cost efficiency biotechnology as key drivers behind this decision. This ASX announcement provides an investor update on the company’s evolving operational strategy.

As of its last investor update, Opthea Limited (ASX: OPH) reported a market capitalisation of approximately $820 million, with an estimated [X million shares on issue] and a [Y million AUD cash position]. These figures position Opthea Ltd. ASX as a significant entity within the sector.

What Factors Influenced Opthea’s Delisting Decision from Nasdaq?

The Opthea Nasdaq delisting largely stems from the company’s inability to maintain an audit committee that meets Nasdaq’s composition requirements under Listing Rule 5605(c)(2). This regulatory issue acted as an immediate catalyst for the strategic decision.

Beyond this, the underlying rationale includes significant cost and administrative burdens associated with maintaining dual listings. These expenses represent capital that can be redirected more effectively towards critical research and development activities.

Furthermore, this decision aligns with Opthea’s broader Opthea strategic review process. This review aims to maximise shareholder value through focused execution. Dr Jeremy Levin, Executive Chairman, highlighted that consolidating the listing on the ASX will preserve capital whilst maintaining transparency for shareholders.

How Will Opthea’s Nasdaq Delisting Process Affect Shareholders?

The Opthea Nasdaq delisting includes a detailed timeline to provide clarity for investors and stakeholders. Opthea expects to file Form 25 with the U.S. Securities and Exchange Commission on approximately 10 November 2025.

The delisting will become effective ten days after the Form 25 filing. This makes 19 November 2025 the anticipated final trading day for Opthea Ltd. ADSs on Nasdaq. This timeline offers sufficient notice for investors to adjust their positions as necessary.

Following the delisting, Opthea intends to maintain its American Depositary Receipt program to facilitate continued U.S. market access through Over-The-Counter (OTC) trading. This arrangement ensures that American investors retain access to the company’s shares despite the Nasdaq delisting.

Additionally, the company plans to file Form 15F with the SEC to deregister and terminate reporting obligations under the Securities Exchange Act of 1934. This deregistration becomes effective 90 days after filing, further reducing administrative burden.

What are the Financial and Strategic Benefits of Opthea’s Single ASX Listing?

The strategic decision, including the Opthea Nasdaq delisting, represents a shift towards capital efficiency. Maintaining dual listings involves substantial ongoing costs, including regulatory compliance, administrative expenses, and governance requirements. This impacts the Opthea share price indirectly by optimising capital deployment.

Key financial benefits include:

• Reduced regulatory and compliance costs.
• Simplified governance structure expenses.
• Lower administrative overhead.
• Enhanced resource allocation toward core activities.

These cost savings can be redirected towards the company’s therapeutic development programmes. This could potentially accelerate research timelines and improve operational efficiency. For biotechnology investment Australia, such efficiency gains offer substantial strategic value.

Concentrating trading activities on the ASX may also improve liquidity characteristics for the primary listing. This reinforces OPH ASX as the central trading hub for the company’s shares.

What is the Broader Impact of Opthea’s Strategic Review on its Future Direction?

The Opthea strategic review is a broad evaluation that the company is conducting. This review focuses on programmes, assets, and future direction to maximise shareholder value following the Nasdaq delisting impact.

Opthea specialises in developing VEGF therapy treatments for diseases mediated by Vascular Endothelial Growth Factors C and D. This therapeutic focus positions the company within a specialised biotechnology niche addressing specific medical needs.

The strategic review aims to identify the most promising development opportunities whilst optimising resource allocation. The company expects to update investors later in 2025 on the outcomes of this process and its future direction.

Strategic review objectives encompass:

• Programme and asset evaluation.
• Resource allocation optimisation.
• Future product candidate identification.
• Strategic positioning enhancement.

What Risks Should Investors Consider Regarding Opthea’s Future?

Opthea Limited includes detailed forward-looking statement disclosures that outline potential risk factors associated with its operations and the delisting. These considerations are essential for investor decision-making.

Key risk factors include:

• Ability to maintain ASX listing requirements.
• Future capital requirements for operations.
• Clinical development challenges and timelines.
• Regulatory approval processes and outcomes.
• Intellectual property protections.
• Market conditions affecting biotechnology companies.

The company acknowledges uncertainties inherent in biotechnology development, including clinical research costs and regulatory requirements. These factors may impact strategic review outcomes and future operational direction. Investors should note that OTC trading characteristics may differ from major exchange trading, potentially affecting liquidity and price discovery mechanisms, despite the continued ADR program Opthea.

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