Newzulu Limited (ASX: NWZ, OTCQX: NWZLY) said that its American Depositary Receipts (ADRs) have begun trading on the OTCQX market in the US under the stock ticker NWZLY.
It is expected the listing on OTCQX will provide Newzulu greater access to US investors.
The OTCQX market includes over 350 companies with over USUSD1.4 trillion in market capitalization and over USD36.1 billion in annual dollar volume. Newzulu has appointed Bank of New York Mellon (“BNY Mellon”) as its depositary bank, Madison Capital as its Principal American Liaison and DresnerAllenCaron as its investor relations advisor.
Newzulu will soon be providing all shareholders further information regarding the Ordinary Share Conversion Program for Newzulu´s shareholders that will be provided by BNY Mellon for Newzulu´s shareholders for a period of ninety (90) days from the date trading commences.
This quotation marks a significant milestone for the company as it advances its next phase of development in the USA market. The timing of the OTCQX quotation follows the relocation of management resources to Newzulu´s New York office and an increasing focus on the USA market from a technology sales and editorial perspective, given its scale and the interest from a range of major prospective clients, partners and investors in North America.
The OTCQX allows for the trading of American Depositary Receipts (ADRs) by which foreign companies can have their shares traded in the USA market. Two hundred Newzulu Ordinary shares will represent one ADR on the OTCQX, with an initial price of USUSD5.00 per ADR. Investors can find real-time quotes, disclosures and financial information about Newzulu at www.otcqx.com.
Newzulu is a crowd-sourced media company allowing anybody anywhere with a mobile device and a story to share news, get published, and get paid. Headquartered in Paris, Newzulu operates bureaus in London, New York, Los Angeles, Toronto and Sydney.