AtaiBeckley (ATAI) said late Wednesday it completed a redomiciliation from the Netherlands to the US, with the new entity incorporated in Delaware.

The company said the move was approved at an extraordinary general meeting of shareholders, adding that the redomiciliation was completed after the close of trading on the Nasdaq Global Market on Tuesday.

The company said all outstanding ordinary shares of Atai Beckley were exchanged on a one-for-one basis for newly-issued shares.

The company said the redomiciliation is expected to reduce costs, better align its corporate structure with its US listing and shareholder base, and simplify reporting and administrative requirements.