Effective February 4, the company will commence trading on the OTCQB — a US trading platform that is operated by the OTC Markets Group Inc (OTCQX:OTCM) — under ticker symbol KWEMF.
KWESST’s common shares will continue to trade on the TSX Venture Exchange under the symbol KWE. In addition, the company said it has received DTC eligibility by The Depository Trust Company for electronic settlement and transfer of its common shares in the US.
READ: KWESST names former Canadian Chief of Defence Staff General Rick Hillier to lead its new International Advisory Council
“We have a strong concentration of business with military customers in the US, so it makes sense to be listed there,” said KWESST Executive Chairman David Luxton in a statement.
“As well, there is obviously a much larger potential investor base in the US with an appetite for exposure to our kind of business. We expect this will expand our shareholder base and the liquidity of the stock to the benefit of all shareholders.”
The company added that in conjunction with its US listing it has established a wholly-owned US subsidiary and operating facility in Stafford, Virginia (outside Washington, DC) where KWESST systems can be assembled and showcased for US customers.
The OTCQB is the premier marketplace for entrepreneurial and development-stage US and international companies that are committed to providing a high-quality trading and information experience for their US investors.
To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process. The OTCQB quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors.
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Story by ProactiveInvestors
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