Spanish energy company Iberdrola Renewables has obtained authorization from the Securities and Exchange Commission to operate a sponsored Level I American Depositary Receipts (ADR) program, which allows U.S. investors to acquire shares in the company.
These certificates, which replace non-sponsored certificates previously issued by other depositary entities, represent five Iberdrola shares each and will be traded on the over-the-counter market (OTC), with Citibank acting as depositary bank.
The ADRs will be traded on the OTC market under the IRVDY ticker and CUSIP number 450735105.
SOURCE: Iberdrola Renewables
