Bora Pharmaceuticals (保瑞) officially activated its cross-market stock trading mechanism under the ticker "BORAY" on January 7 (EST). By launching a Level 1 American Depositary Receipt (ADR), Bora becomes one of the first Taiwanese companies to connect with international capital markets without issuing new shares.

Key Mechanism Details:

• Conversion Ratio: Each ADR unit represents 0.2 shares of Bora’s common stock.
• Limit: The total ADR program is capped at 10% of the company’s total outstanding shares.
• Strategic Intent: Chairman Bobby Sheng noted that this enhances liquidity and accessibility for global institutional and healthcare-specialist investors. This model follows the successful precedents of global peers like Roche and Lonza.

With over 95% of revenue generated outside Taiwan and operations spanning the US, Canada, and Taiwan, this move reinforces Bora's status as a global CDMO and pharmaceutical platform.

Resource: 保瑞啟動美國一級ADR跨市場交易