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pSivida receives court approval to reincorporate in United States
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PERTH, Australia — The federal court of Australia has approved the scheme of arrangement for pSivida Limited's reincorporation in the United States, the company announced in a press release. This approval follows shareholder authorization of the reincorporation at a scheme meeting held earlier this month, the release said.
pSivida intends to tender a copy of the court order to the Australian Securities and Investments Commission on June 11, at which time the reincorporation will become effective under the aegis of the Corporations Act.
The record date for determining entitlements to the scheme consideration will be June 18. After this time, no additional shareholder approvals will be required.
pSivida Corp. common stock is expected to commence trading on the NASDAQ stock market on a when-issued basis later this week. pSivida Corp. securities will begin trading on the Frankfurt Stock Exchange on a deferred settlement basis on June 12, the release said.