Kiniksa Pharmaceuticals (NASDAQ:KNSA) revealed plans for a strategic shift in its corporate structure, aiming to relocate its principal holding company's place of incorporation from Bermuda to the United Kingdom.

This move, referred to as the Redomiciliation, is poised to establish a new public holding entity, New Kiniksa, within the UK, pending the approval of Kiniksa’s shareholders and the Supreme Court of Bermuda.

Under the proposed scheme of arrangement, Kiniksa's existing common shares will be cancelled, with shareholders receiving equivalent new shares from New Kiniksa on a one-to-one basis.

This decision reflects Kiniksa's reassessment of its jurisdictional alignment, identifying the UK as a more favorable location for its holding company's incorporation, particularly due to its comprehensive tax treaty network with the United States.

Kiniksa assures stakeholders that this transition is expected to have no significant impact on its financial performance, while continuing to fulfill U.S. Securities and Exchange Commission reporting obligations.

Moreover, New Kiniksa’s Class A ordinary shares are anticipated to remain listed on the Nasdaq Global Select Market under the ticker "KNSA."

In anticipation of this change, Kiniksa plans to petition the Supreme Court of Bermuda for a meeting with its common share holders to seek approval for the scheme.

As part of this legal procedure, a Practice Statement Letter detailing the scheme and the necessary judicial steps under Bermuda law has been circulated among shareholders ahead of a directions hearing scheduled for April 19, 2024, at 9:30 am (AST).