Valens applies for Nasdaq listing in the US
The Valens Company Inc (TSE:VLNS) (OTCQX:VLNCF) (FRA:7LV), a producer of cannabis products, announced that it has submitted an initial application to list its common shares on the Nasdaq.
“We have taken a significant step forward in achieving one of our main goals for 2021 by filing our initial application for listing on the Nasdaq on the back of announcing our first acquisition in the US,” President Jeff Fallows said in a statement. “We believe that listing in the US will unlock various opportunities to enhance corporate visibility, increase liquidity and broaden overall awareness of The Valens Company to a larger investor base while driving value for our shareholders.”
The listing remains subject to the review and approval by the Nasdaq and the satisfaction by Valens of all listing, governance and regulatory requirements, the company said. To that end, the company said it plans to ask shareholders to approve a share consolidation at the upcoming annual and special meeting of shareholders on May 25.
READ: Valens to buy US CBD product producer Green Roads in US$40M cash and stock deal
If the consolidation gets the green light from shareholders, Valens believes it will meet the Nasdaq’s liquidity requirements. A decision from Nasdaq is expected by the end of June. In the meantime, the company will maintain its OTCQX listing, as well as its TSE listing.
The Valens Company is a British Columbia-based producer of cannabis products, medical and recreational. The company can process over 425,000 kilograms of biomass per year and its services include numerous types of proprietary extraction, analytical testing, formulation, cultivation, and research, as well as white label product development.
Its products include tinctures, two-piece caps, soft gels, oral sprays, and vape pens, as well as beverages, edibles, injectables, and natural health products and it has a strong pipeline of next-generation products in development.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/947922/valens-applies-for-nasdaq-listing-in-the-us-947922.html
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