Change Financial anticipates to dual trade in USA
ASX-listed Change Financial Limited, Australia’s only listed digital banking platform, is pleased to announce the upcoming anticipated dual trading of the Company’s shares on the OTCQX Best Market in the U.S.
On 2nd October 2017 (US EDT), the Company’s shares are expected to commence trading on the OTCQX Best Market under the stock code “CNGFF”.
Trading on OTCQX and ASX supports Change Financial’s strategy to broaden its global investor base, particularly in the U.S. where there is growing interest in the Company’s digital banking platform.
Change Financial’s digital banking value proposition (via its ChimpChange Mobile Banking brand) is well understood by US investors, and the Company has received consistent requests from sophisticated and institutional U.S. investors to simplify the process of buying CCA shares.
Benefits of a U.S. dual listing structure for Change Financial investors:
– Promote Change Financial’s business to U.S. investors and increase awareness of the stock;
– Diversify the shareholder base;
– Display the Company’s stock in local USD currency (preferable for U.S. investors); and
– Enhance the cross-border trading experience for U.S. brokers and investors via settling in the U.S. instead of Australia.
Change Financial has investigated several options to provide easier access to U.S. investors, including a NASDAQ listing. However, the Company has taken the view that trading on the OTCQX Best Market represents a measured first step into U.S. capital markets, bringing low cost and minimal resource requirement.
Trading on OTCQX provides Change Financial with exposure to all U.S. retail and institutional investors without any additional audit requirement, reporting requirement or management time, as we are able to leverage our ASX reporting standards to meet the OTCQX Best Market reporting requirements.
The OTCQX market provides access to U.S. investors for several globally recognised companies.
The Company’s shares will remain listed on the ASX under the existing stock code “CCA”, and will continue to provide access to local Australian investors.
