BNY Mellon has been appointed depositary bank by UBIC, Inc., a Japanese computer forensics company. It is the first ADR capital raising by a Japanese firm since 2009, BNY Mellon says.
Each UBIC ADR represents one-fifth of a common share and trades on NASDAQ under the symbol UBIC. UBIC's common shares trade on the Tokyo Stock Exchange under the code 2158.
UBIC provides Asian-language eDiscovery solutions and services to support litigation, administrative proceedings and investigations.
"The current strategic goal of UBIC is to expand our presence in the United States, penetrating U.S. law firms in order to win their business in Asia," says Seitaro Ishii, CFO of UBIC. "The ADR listing is a critical step in achieving this goal."
"UBIC's capital raising in the U.S. is a classic example of the use of DRs to support a company's efforts to expand its global footprint and shareholder base," says Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "Japanese issuers have long regarded the U.S. as an important capital market. We hope UBIC's ADR program will encourage a new generation of Japanese firms to see DRs as an effective instrument for growing their business worldwide."