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Thursday, Feb 22, 2024

Avita Medical to Consolidate Operations in Valencia, Seek Nasdaq Listing

Shareholders of Avita Medical Ltd., an Australian regenerative medicine company with U.S. headquarters in Valencia, will meet virtually on June 15 to discuss relocating operations solely to the United States. The Federal Court of Australia approved the meeting on Monday for Avita, which specializes in helping patients regrow skin after burns or other injuries with its Recell System. According to a statement from the company, those participating in the live broadcast will vote to move the company from Australia to the United States. A second court hearing to approve the move will take place June 22. The company said nearly all its employees are in the United States and it has no physical presence in Australia. A company representative confirmed to the Business Journal that its headquarters will be in Valencia. “It is not intended that the redomiciliation will result in any changes to the operations, management or strategy of the Avita Group,” the company said in a statement. The company plans to list shares on the Nasdaq as of June 30, with a secondary listing on the Australian Securities Exchange. Currently, Avita shares trade in Australia with American Depository Receipts trading on the Nasdaq.

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