SenSen Networks Ltd (ASX:SNS) (OTCQB:SNNSF) has been accepted to join the OTCQB Venture Market based in New York, USA, which is expected to enhance its push into the US market after customer wins in that market.
The company will begin trading on the OTCQB board on September 14, 2020, under the ticker symbol SNNSF and will continue to trade on the ASX under the symbol SNS.
Shares have been as much as 8% higher this morning to A$0.096.
The OTCQB platform facilitates the trading of SenSen equities for existing and future US-based shareholders by providing convenient access to its news and financial disclosures.
“Natural next step”
SenSen chief executive officer Subhash Challa said: “With our growing customer base in top-tier US cities like Las Vegas and the growth pathway we have established across North America, this is a natural next step to reach US institutional and retail investors.
“We have always thought of ourselves as a global company and are excited to be trading on the OTCQB venture market allowing a much larger group of investors to join our shareholders in Australia and other countries.”
“Access to deeper pool of capital”
Challa said: “Cross-trading in the US on the OTC offers access to a deeper pool of capital for Australian companies and we are following in the footsteps of many established blue-chip names including Fortescue, Alumina and Starpharma.”
Trading on the OTCQB indicates that a company:
- Trades on an SEC-recognised established public market;
- Meets financial standards;
- Follows best practice corporate governance;
- Has passed stringent compliance obligations; and
- Has Blue Sky status in a majority of US states.
SenSen was sponsored for OTCQB by MCAP LLC, which provided advisory services to the company including rendering advice with respect to eligibility for becoming quoted on the OTCQB and educating, advising and assisting the company in complying with its ongoing OTCQB disclosure obligations under current federal and state securities laws.