GCIZephyr Energy files to list on the OTCQB market
(ZPHR ) said it is filing an application with the OTC Markets Group for its shares to be publicly cross traded on the US-based market, OTCQB Market ("OTCQB").
The OTCQB, also called "The Venture Market," was created in 2010 and is recognised as an Established Public Market by the U.S. Securities and Exchange Commission (the "SEC").
As a verified market with efficient access to U.S. investors, OTCQB aims to help companies build shareholder value with a goal of enhancing liquidity and achieving a fair valuation.
The oil and gas company said it believes that having its shares traded on the OTCQB will provide enhanced investor benefits, ‘including easier trading access for investors located in the U.S., and greater liquidity due to a broader geographic pool of potential investors.’
The company explained that the process to enlist on the OTCQB is expected to take around 6 weeks, and that trading on the market will have no impact on its existing shares on AIM.
Colin Harrington, Chief Exec cutive of Zephyr, which is focused on responsible resource development and carbon-neutral operations, said: "We believe dual trading on the OTC and AIM Markets represents another important step for the Zephyr corporate platform.”
He added, “Dual trading, combined with our recent pledge to achieve carbon neutrality across our operational footprint, will serve to diversify the share register and increase exposure to a broader range of investors, whether U.S.-based or ESG-focused.”
Shares in Zephyr Energy have seen an over four-fold increase in value since the beginning of the year. The stock was trading 1.22% higher this morning at 4.15p following the news.
The group said the move comes on the back of “an already increased level of interest from U.S. investors as a result of the recent expansion of our operational footprint in the U.S.”
Harrington highlighted to investors that the company has worked hard to complete its corporate transformation over the last 18 months. He added that an additional platform via OTCQB will “optimally structure” the group and enable it to benefit from future operations.
Earlier this week, Zephyr announced its intention to achieve carbon-neutrality across its operational footprint by 30 September 2021, marking a major first step towards the near-term delivery of hydrocarbons produced with an operational "net-zero" carbon impact.
As part of its pledge, Zephyr is collaborating with the Prax Group who will work with Zephyr to measure, reduce and mitigate greenhouse gas emissions across Zephyr's businesses.
In addition to the environmental benefits that will result from the group’s efforts to reach carbon-neutrality, Zephyr anticipates that this approach will also yield economic benefits - including expanded access to a wider group of potential institutional investors, as total ESG-focused assets under management are currently estimated to be over $30trn globally.
Follow News & Updates from
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.