MannKind Corp. announced Friday that its stock is approved for listing on the Tel Aviv Stock Exchange.
The Valencia biotech, which makes inhalable insulin, will begin trading its shares on Israel’s only stock exchange on Oct. 28 under the ticker symbol MNKD. It is expected to be included in five equity indices on the Tel Aviv Exchange.
MannKind stock will continue to be traded on the Nasdaq, and according to Israel’s Dual Listing Law, U.S. corporations can list on the Tel Aviv Exchange without adhering to any additional regulations.
“The new listing also offers an opportunity to expand and diversify our shareholder base by increasing our exposure and improving our accessibility to Israeli investors,” Hakan Edstrom, chief executive of MannKind, said in a prepared statement.
MannKind Founder and Executive Chairman Alfred E. Mann has a history of supporting developing technologies in Israel.
MannKind shares closed up 16 cents or 4.6 percent to $3.62 on the Nasdaq.