Sona Nanotech - President & Chief Scientific Officer, Darren Rowles
President & Chief Scientific Officer, Darren Rowles
Source: Inkwood Research
  • Sona Nanotech (SONA) has enlisted Maxim Group to provide financial advisory and investment banking services ahead of its planned listing on the NASDAQ
  • Maxim will receive a monthly fee of roughly C$13,500 along with other reasonable expenses
  • The company’s management believes the NASDAQ is the world’s pre-eminent exchange for biotechnology companies
  • In support of the listing, the company has appointed David Regan as CEO, replacing founding CEO Darren Rowles, who will move to a position as President and Chief Scientific Officer
  • Sona Nanotech (SONA) is up 10.37 per cent and is trading at $8.73 per share 

Sona Nanotech (SONA) has enlisted Maxim Group to provide financial advisory and investment banking services ahead of its planned listing on the NASDAQ.

The Nova Scotia-based developer of rapid, point-of-care diagnostic tests for COVID-19 and other applications hopes to gain exposure to an additional group of both retail and institutional investors through the listing, both within the United States and internationally.

The NASDAQ is considered to be the world’s pre-eminent exchange for biotechnology companies, and Sona Nanotech’s management believes the move will generate significant value for the company.

In exchange for its services, Maxim will receive a monthly fee of approximately C$13,500, as well as reasonable expenses incurred for its engagement. 

The company will also receive seven per cent of the gross proceeds raised through any equity financing it facilitates, along with share purchase warrants equal to seven per cent of the total amount issued.

Under the terms of the agreement, Maxim has committed to a minimum service period of six months, after which it may be terminated by either party following a 30-day notice.

As part of its plan to list on the NASDAQ, the company has appointed David Regan as CEO. 

David will replace the founding CEO, Darren Rowles, who will transition to a role as President and Chief Scientific Officer. 

Having served as an officer and director at a range of public companies, David has more than 15 years of experience with capital markets, mergers and acquisitions, and international business.

Commenting on the company’s current position, David noted that Sona Nanotech intends to quickly deliver its COVID-19 test from regulatory approval to manufacturing and into the hands of our customers in the coming months.

“The business will also build on the culture of innovation instituted by Darren to develop and bring new tests to market that leverage Sona’s proprietary detection technology.

“We look forward to embracing these opportunities and their associated challenges,” he added.

Sona Nanotech (SONA) is up 10.37 per cent and is trading at $8.73 per share at 10:02am EDT.

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