Why is the Telix Pharmaceuticals share price frozen today?

Telix Pharmaceuticals shares won't be moving today.

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Up 63% so far in 2024, the Telix Pharmaceuticals Ltd (ASX: TLX) share price isn't going anywhere today.

Shares in the S&P/ASX 200 Index (ASX: XJO) biopharmaceutical company closed yesterday trading for $16.46 apiece. Which is where they're likely to stay until Monday.

This morning, Telix Pharmaceuticals shares were placed on trading halt at the company's request "pending it releasing an announcement".

Shares are expected to remain frozen until Monday.

While the release didn't specify, the announcement most likely will provide further details on the ASX biotech stock's proposed initial public offering (IPO) on Wall Street.

Last Thursday, 6 June, Telix confirmed its intent to list American Depositary Shares (ADSs) on the tech-heavy Nasdaq. Each ADS will represent one ordinary share in Telix. The company is targeting US$200 million in gross proceeds from the offering.

Commenting on the Nasdaq IPO process back in late May, Telix Pharmaceuticals chair Kevin McCann said, "It enables Telix to better access the deep pool of specialist investors focused on biotechnology and radiopharmaceuticals in the US."

As for the longer-term impact on the Telix Pharmaceuticals share price, McCann said that the increased visibility the Nasdaq listing would provide "will drive long-term value creation for shareholders".

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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