Australia's largest stock trading and investment forum Australia's #1 stock forum

Latest video

First 140 Last

Share
Profile

Follow
bluesamurai

8,766 Posts.

1345

17/08/23

08:33

Post #: 69385503
Share

Originally posted by bluesamurai: ↑

American Rare Earths (ASX: ARR | ADRs - OTCQX: AMRRY | Common Shares - OTCQB: ARRNF | FSE 1BHA) (ARR or the Company) announced today the launch of its sponsored Level 1 American Depositary Receipts Program ("ADR Program") which will commence trading on the OTCQX market under ticker symbol AMRRY on 15 August.ADRs enable qualifying non-US companies to have direct exposure to the US Investment community, and OTCQX trading provides access to enhanced visibility and trading liquidity. The Company has received approval from the United States Securities and Exchange Commission ("SEC") to establish the ADR Program in the United States, and all requirements for OTCQX trading have been successfully met. This will complement American Rare Earth’s listing on the Australian Securities Exchange ("ASX").American Rare Earths ADRs will trade on the OTCQX under the symbol AMRRY and represent 1 ADR for every 50 ASX-traded ARR ordinary shares. American Rare Earths will continue to trade under the symbol "ARR" on the ASX.“We are very excited about this ADR program as it has broad appeal among US institutions and will enable American Rare Earths to proceed on its path of gaining high accessibility to the US capital markets,” says Donald S. Swartz, II, CEO of American Rare Earths. “Given that demand for rare earths is expected to escalate sharply in the coming decade, the availability of ADRs in the US is expected to generate significant interest among US investors that can lead to an increase in shareholder value as the company continues to execute on its strategy of becoming a US-based entity.”The Company has selected The Bank of New York Mellon (BNYM) as the nominated depository bank. BNYM will waive ADR issuance fees for the first month of the program, to encourage existing holders to convert to the ADR and generate initial growth and liquidity. This month begins on August 15, 2023, which was the commencement day of trading. BNYM facilitates the issuance and cancellation of ADRs in accordance with the instructions received from market participants (i.e., brokers / investors). The program operates in accordance with a Deposit Agreement, lodged with the U.S. Securities & Exchange Commission and for each ADR issued, the respective underlying ARR ordinary share is held in custody by BNYM. These shares cannot be lent under any circumstances, nor can they be traded for any purposes beyond that of the ADR program. The ADR Program facilitates existing issued ARR ordinary shares to be bundled by BNYM, as the depositary, and issued as ADRs to US Investors. QUOTE Great news IMO.

Expand

Latest video
Upvote

Reply

There are more pages in this discussion • 88 more messages in this thread...

First 140 Last