Onward Medical French listing and new ARC-BCI participant

Onward announced that it will start listing its shares on Euronext Paris in addition to Brussels and Amsterdam as of September 24. The listing is expected to provide greater access to French investors, but is non-dilutive to current shareholders. Furthermore, Onward recently announced a third study participant that was implanted with the ARC-BCI system. We reiterate our € 9.3 TP and Buy rating, as we look forward to the expected FDA approval of ARC-EX toward YE24.