Orrick advises Pieris AG on indirect US stock listing
Munich – Orrick has advised Pieris AG on its way to a US stock listing. The Munich based Biotech company Pieris AG has conducted a reverse share exchange with a US listing vehicle together with a PIPE investment of US American investors in the first closing. The transaction was accompanied by brokerage firms Northland Securities and Katalyst Securities as well as Montrose Capital Partners as placement agent. The investors now hold shares in the US OTC Markets traded Pieris Pharmaceuticals, Inc. into which the Pieris AG shares were contributed. It is intended to reanimate the NASDAQ listing of Pieris Pharmaceuticals, Inc. after fulfillment of the US American SEC filing obligations. By this transaction Pieris AG as one of the first German small cap market participants managed to offer private equity investors an alternative exit through an initial stock listing in the United States.
The share transaction was effected on December 17, 2014, and as from December 18, 2014, Pieris Pharmaceuticals, Inc. is traded under the symbol “PIRS” on the OTC Markets.
The German team led by Dr. Timo Holzborn (Counsel, Capital Markets, Munich) included Dr. Joerg Ritter (Partner, M&A/Private Equity, Munich), Thomas Strassner (Senior Associate, Munich), Christopher Mayston (Senior Associate, Munich), Nicolas Mähner (Associate, Munich) as well as Stefan Schultes-Schnitzlein (Partner, Corporate/Tax, Duesseldorf) for tax law.