OTCID Application Submitted
Tap Global submitted application for cross-trading on US OTCID Basic Market to improve US investor access.
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Tap Global Group plc (AIM: TAP), the innovative digital finance hub that brings money, payments and crypto settlement services together in a single user-friendly app, announces that it has submitted an application to OTC Markets Group Inc. ("OTC Markets") for the Company's existing ordinary shares to be cross traded on the OTCID Basic Market ("OTCID") in the United States.
The proposed OTCID listing will remove barriers to trading and will provide North America-based investors considerably easier access to Tap shares and, over time, the potential to broaden the Company's shareholder base and support liquidity.
Strategic Rationale
The United States has the world's largest pool of investable capital and is the most important market for digital assets, reflecting growing institutional adoption, investor participation, retail investor enthusiasm and integration with traditional financial markets.
OTCID is a disclosure-based quotation market operated by OTC Markets in New York, providing an electronic interdealer quotation system used by US broker-dealers. International companies listed on qualifying foreign exchanges, including AIM, use OTCID to make their shares available to US investors, priced in US dollars in line with the home market. Cross-trading on OTCID is not a listing on a US stock exchange: any shares quoted would be the Company's existing ordinary shares, fully fungible with those admitted to trading on AIM, and the Company's existing AIM disclosures would satisfy US information requirements.
Arsen Torosian, Tap CEO, commented:
"The deepest pool of digital asset investors in the world is the US, and these investors currently have few options to own Tap. Accessing the OTCID market aims to facilitate that at a time of growing interest in businesses operating within digital asset ecosystems."
Approval and admission to trading are expected in the coming weeks. The Company's US ticker symbol will be confirmed in a further announcement at commencement of trading. The Company's ordinary shares will continue to trade on AIM, which remains the Company's primary market. All regulatory announcements will continue to be made through the Regulatory News Service. Admission remains subject to the approval of OTC Markets and the satisfaction of customary conditions, and there is no certainty that the application will be approved. A further announcement will be made in due course.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.