Money management fintech Douugh (ASX: DOU) hopes to access a deeper pool of retail and institutional investors by listing on a market in the US, prior to a potential dual listing on the NASDAQ in the future.
The Sydney-based company, which operates a digital banking app, will list on the OTCQB Venture Market - a market designed for early-stage international companies wanting to access and unlock investor demand in the US.
The OTCQB is operated by OTC Markets Group and enables investors to trade through the broker of their choice, without the need for an Australian trading account.
“We are excited to have initiated the listing process of our common shares on the OTCQB, which we have done so in response to increasing requests from customers, institutional and retail investors in the US wanting to purchase our stock,” Douugh founder and CEO Andy Taylor said.
“Given that Douugh is a high growth fintech company, with its first market being the US, the board believes that such a listing would support our efforts to rapidly scale up our operations, whilst not impacting our existing obligations on the ASX.
“With little additional compliance relative to our ASX listing and non-material costs, the board also believes that pursuing a cross-listing on the OTCQB could bring other potential benefits, such as enhanced liquidity and direct market comparisons to US-based competitors, the majority of which are now becoming publicly traded.”
The listing of Douugh’s common shares on the OTCQB remains subject to the approval of the market and the satisfaction of applicable listing requirements.
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