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QSAM Biosciences, a US-based biotechnology company that develops radiopharmaceutical treatments for cancer, has cancelled plans to begin trading its stock on the Nasdaq. The company’s stock will remain available on OTC Markets.
Learn more about the cancelled uplisting, and find out about similar companies you can invest in from Canada.
Note: All dollar amounts on this page are in US dollars unless otherwise stated.
On May 16, 2022, QSAM Biosciences filed a withdrawal form with the US Securities and Exchange Commission, effectively cancelling its plans to go public. The biotechnology company will continue trading on OTC Markets under the ticker symbol “QSAM.”
Originally, QSAM Biosciences planned to go public on the Nasdaq Capital Market under the ticker symbol “QSAM” at a proposed price of $7.00 per stock. The uplisting was expected to take place in April 2022. ThinkEquity LLC was slated to act as the lead underwriter of the deal.
You can read about the IPO in detail in a registration document submitted to the SEC on April 1, 2021.
Even though you won’t be able to buy QSAM Biosciences stock, you can still invest in other companies that develop and distribute radiopharmaceutical treatments for cancer.
Radiopharmaceutical technology seeks to improve traditional radiation therapy by targeting cancer cells more precisely and reducing damage to healthy cells.
According to market research company, Facts and Factors, the radiopharmaceutical market was worth $4.9 billion USD in 2021 and is expected to reach $11.8 Billion USD by 2028.
|Day One Biopharmaceuticals, Inc.||Nasdaq Global Select Market: DAWN|
|NGM Biopharmaceuticals, Inc.||Nasdaq Global Select Market: NGM|
|Cardinal Health, Inc.||NYSE: CAH|
|Fusion Pharmaceuticals Inc.||Nasdaq Global Select Market: FUSN|
|Lantheus Holdings, Inc.||Nasdaq Global Market: LNTH|
|Radiopharm Theranostics Limited||(Australia) ASX: RAD|
You’ll need a brokerage account to buy and sell shares. Here’s how it works:
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA. However, 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 to your circumstances.
You can compare features of stock trading platforms in the table below. Once you’ve decided on the right fit for your needs, click the “Go to site” button to get started.
Note: The dollar amounts in this table are in Canadian dollars.
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