Zelda Therapeutics (ASX: ZLD), an Australian biotech company focusing on medical cannabis, has announced that its shares have now been approved for trading on the OTCQB Venture Market (OTCQB), a trading platform for developing companies operated by OTC Markets Group in New York.
Zelda shares will commence trading with the ticker symbol ‘ZLDAF’ having satisfied a number of listing conditions and quality standards overseen by the OTCQB.
Very importantly for existing Zelda shareholders, the dual-listing structure is confirmed to be non-dilutive because Zelda did not raise extra capital and did not issue new shares as part of the listing process.
The move stateside means Zelda will access to an additional liquidity pool with a significant network of data distributors and media partners. Additionally, the U.S listing provides Zelda exposure to the largest investor base in the world.
Zelda is aiming to create significant value for its stakeholders on the back of a renewed commercial interest in medical cannabis, conclusive clinical trials and rigorous in-house research. “We believe that by investing in rigorous research and clinical trials we can generate significant value for all stakeholders as the world re-acquaints itself with this ancient medicine [cannabis],” according to the Zelda website.
Zelda’s research focus is concentrating on pre-clinical and clinical trials, spread across a range of ailments such as breast, brain and pancreatic cancer, as well as, insomnia, autism and eczema.
“As part of our ongoing strategy to introduce Zelda Therapeutics to a broader international audience, this milestone will provide greater visibility, better access to the US investment community, and improved convenience of trading in Zelda’s ordinary shares,” said Harry Karelis, Chairman at Zelda Therapeutics.
“We expect to achieve a number of significant milestones over the course of 2018 that we believe will be of great interest to US-based investors and this listing forms part of an overall investor relations strategy,” he added
According to a market update, securities law firm ‘Sichenzia Ross Ference Kesner’ served as Zelda’s OTC Markets Sponsor with ‘Viriathus Capital’ served as Zelda’s financial advisor.