The cannabidiol (CBD) company’s ordinary shares will cross-trade onto the OTCQB Venture Market, which is a market designed to enable developing international companies to be publicly traded in the United States.
Zoetic said listing on the OTC market in the US should increase the liquidity of its shares. No new ordinary shares will be issued as part of the listing.
“It has been our ambition for some time to facilitate investment from the United States. Being the country where the majority of our operations are based, we have already attracted some interest and this week’s move onto the OTC considerably simplifies the process for US investors, enabling them to trade in our shares in US dollars during US market hours,” Nick Tulloch, the chief executive officer of Zoetic said in a statement.
“Significantly, the CBD market is well developed in the US so we are optimistic that the enhanced profile that our OTC ticker will give us will generate further interest from the already established community of investors in the CBD industry. Zoetic International will be the first CBD company with a primary listing in London to trade on a regulated US market,” he added.
Shares in Zoetic were up 12% to 12.875p in late afternoon trade in London on Monday.
— Updates share price —