By Ian Walker

Wise PLC said Wednesday that it is looking to form an American Depositary Receipt program in the U.S. to compliment its existing listing on the London Stock Exchange, but won't be raising any extra funds.

The U.K.-based fintech, formerly known as TransferWise, said it has filed a registration form with the U.S. Securities and Exchange Commission and expects the ADRs to start trading on Sept. 8.

Each ADR will represent one class A ordinary share, Wise said. The company said it has appointed J.P. Morgan as the depositary bank for the program.

Last month, Wise started trading on the LSE via a direct listing rather than the traditional initial public offering route.

Shares at 1307 GMT were up 17.50 pence, or 1.8%, at 1,007.50 pence.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

August 18, 2021 09:29 ET (13:29 GMT)

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