Mesoblast sinks after U.S. listing

Regenerative medicine company Mesoblast Ltd. (ASX:MSB; NASDAQ:MESO) lost A$1.31 (38%) to A$2.10 in Sydney on Monday, its first day of trading on that exchange after it raised $59.8 million in a NASDAQ listing on Friday.

Trading in Mesoblast's shares had been suspended on the ASX since Oct. 29, when the stock was at A$3.41. Mesoblast said in a Nov. 6 regulatory filing that it hoped to sell 5.7 million ADSs at an assumed price of $12.10 each, based on the Oct. 29 Australian closing price. Instead, the company priced 7.5 million ADSs at $8 in the U.S. listing. Each ADS is worth five ordinary shares (see BioCentury Extra, Nov. 13). ...