17th Jun 2021 11:53
Tern PLC - internet of things-focused investor - Plans to file an application for its shares to be cross-traded on the OTCQB market in the US. Tern says that having its shares cross-traded on the OTCQB will provide "enhanced investor benefits", including easier trading access for US investors and greater liquidity due to a broader geographic pool of potential investors. No new shares will be issued as part of the application to cross-trade on the OTCQB.
Chief Executive Al Sisto comments: "We have been seeing increasing interest in Tern and our portfolio companies from investors in the US, and we have been exploring ways to make it easier for those investors to trade in Tern's shares. Having our shares cross-traded on the OTCQB would considerably simplify the process for US investors, enabling them to trade in our shares in US dollars during US market hours.
"Additionally with many of the companies and investors focused on the IoT sector being based in the US, we are optimistic that the enhanced profile a OTCQB cross-trading facility would provide to Tern would generate further interest from investors and assist with diversifying our shareholder register."
Current stock price: 24.70 pence, up 5.1% on Thursday
Year-to-date change: up sharply from 6.95p at end of 2020
By Will Paige; [email protected]
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