MetaOptics ADR on OTCQX: 0% Dilution, JPMorgan Depositary

For capital markets participants, MetaOptics' new Level 1 ADR on OTCQX is a low-cost, non-dilutive entry into U.S. trading — no new shares, no SEC registration, and a depositary bank in JPMorgan. This structure lets U.S. funds and retail investors hold the Singapore-listed semiconductor optics name in dollars while the company avoids the expense of a full exchange listing.

MetaOptics Ltd, a Singapore-based semiconductor optics company trading on the Catalist board of the Singapore Exchange under ticker 9MT, announced on September 24, 2026, that it has established a sponsored Level 1 American Depositary Receipt (ADR) programme in the United States. Under the programme, American Depositary Shares (ADSs) will trade on the OTCQX market, and J.P. Morgan has been appointed as the depositary bank. According to the company, the ADR programme does not involve any capital raising or the issuance of new shares. The ordinary shares will continue to trade on the Catalist board, and the ADR programme is not expected to have any material impact on existing shareholders.

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OTCQX is the highest tier of the OTC Markets Group, which operates regulated markets for more than 12,000 U.S.

The decision to pursue a Level 1 ADR reflects a measured entry into U.S. capital markets. Level 1 ADRs are the most basic sponsored ADR facility, allowing non-U.S. companies to establish a U.S. trading presence over-the-counter without the full SEC registration and reporting obligations required for exchange-listed Level 2 or Level 3 ADRs. For MetaOptics, this structure provides U.S. investors with a mechanism to hold and trade the company's shares in U.S. dollars and through U.S. settlement systems, while avoiding the cost and complexity of a U.S. IPO or a Nasdaq/NYSE listing. The absence of any new share issuance means existing shareholders face no dilution, and the company raises no fresh capital from the programme — a point that the company emphasized to clarify that this is purely a trading and investor-access initiative.

OTCQX is the highest tier of the OTC Markets Group, which operates regulated markets for more than 12,000 U.S. and international securities. Companies listed on OTCQX must meet prescribed financial standards, follow best-practice corporate governance, and demonstrate compliance with applicable securities laws. This contrasts with the lower-tier OTCQB and Pink markets, which have less rigorous entry requirements. For MetaOptics, qualifying for OTCQX signals a level of financial transparency and corporate governance that may appeal to U.S. institutional and retail investors who screen for higher-quality OTC names. The appointment of J.P. Morgan — one of the largest depositary banks globally — as depositary bank also lends credibility and operational infrastructure to the programme, although it is important to note that the depositary bank role is a service function and does not imply J.P. Morgan is underwriting or endorsing the company's shares.

The timing of the ADR programme follows a series of steps MetaOptics has taken to build U.S. visibility. The company listed on the Catalist board of the SGX-ST in September 2025, participated in CES 2025 and CES 2026, and conducted product and technology roadshows in the U.S. According to the company, this engagement with U.S. industry partners, customers, and institutional investors has validated its growth and expansion plans, including the establishment of its maiden front-end semiconductor fabrication line using 12-inch DUV immersion lithography. While these claims are forward-looking and promotional in nature, they indicate that the ADR programme is part of a broader strategy to deepen U.S. investor and customer relationships in the semiconductor optics sector.