Titomic (ASX:TTT) said its board approved the start of planning activities to redomicile the company to the US from Australia, according to a Thursday Australian bourse filing.

Under the proposed structure, the company plans to establish a US-based holding company, which will become the new parent company of the group, per the filing. Existing Titomic shareholders would retain an equivalent proportional economic interest in the holding company via Chess depository instruments.

The company expects to complete the change in the second half via a scheme of arrangement with its shareholders, which will be subject to shareholder and Federal Court of Australia approvals.

After the completion, the company plans to pursue a listing on a US stock exchange, the filing said.

Titomic's shares fell past 2% in recent trading on Thursday.