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PaxMedica stock is not yet available to purchase on any exchange. But it's expected to go public soon. Here's what we know — and how to buy in when it launches.
PaxMedica, a clinical-stage biopharmaceutical company that develops treatments for neurodevelopmental disorders, filed a draft registration with the US Securities and Exchange Commission to go public on the Nasdaq Capital Market under the stock ticker symbol PXMD.
Not yet an official IPO, it's one of the first steps of taking a private company public. PaxMedica plans to raise around $15 million by offering 2.5 million stocks at a proposed price of $5.50–$6.50.
No date has been set for when the stock will be publicly available. We'll update this page as more information becomes available.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
Once PaxMedica goes public, you'll need a brokerage account to invest. Consider opening a brokerage account today so you're ready as soon as the stock hits the market.
You won't be able to buy PaxMedica stocks on a Canadian stock exchange like the TSX. Instead, you need a Canadian broker that provides access to international stock exchanges.
Interactive Brokers provides access to many stock exchanges outside North America like the Hong Kong Stock Exchange (SEHK), Korea Stock Exchange (KSE), National Stock Exchange of India (NSE), Frankfurt Stock Exchange (FWB) and London Stock Exchange (LSE).
Canadians who earn dividends from US stock investments must pay the US Internal Revenue Service (IRS) a 15% withholding tax on their earnings. The rate goes down to 10% for bonds and other interest-yielding US investments.
An exception is made for stock investments held in trusts designed to provide retirement income. This includes RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs that hold US stocks, bonds or ETFs are also exempt from US withholding tax. RESPs, TFSAs and RDSPs are not exempt.
Canadian and international investment income must be declared on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you'll be taxed by both the IRS and the CRA. The CRA may allow you to claim foreign tax credits for any taxes you've already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply in your circumstances.
Note: The dollar amounts in the table below are in Canadian dollars.
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