Leading plant-based food technology firm, The Very Good Food Company(OTCMKTS:VRYYF), on October 11, 2021, announced that the firm’s application on listing its common shares in the capital markets- NASDAQ, has been approved.
Trading on the exchange will commence on October 13, 2021 and the shares will be traded under symbol “VGFC”. Shares will be still be quoted on OTCQB until trading starts on Nasdaq. The company will retain listing on TSX Venture Exchange with symbol “VERY”.
Mitchell Scott, co-founder and CEO of The Very Good Food Company, said that trading on NASDAQ demonstrates achievement as listed firms meet liquidity and financial requirements besides satisfying corporate governance. Scott added that listing the stock on the exchange is a milestone building positive momentum from the distribution and higher scale as well as latest product launches.
In addition to augmenting visibility in marketplace, Scott said that the listing will ameliorate liquidity of the stock as well as broaden the institutional shareholder base. This will enhance shareholder value and the company hopes on this supporting its growth strategy into Europe and US.
The firm also confirmed on appointment of Justin Steinbach to its board of directors. Steinbach has been givenaggregate of 100,000 stock options under its stock option plan, which was approved under the annual general meeting on June 29, 2021. The options provided will be at a price of $3.41 for five years until October 7, 2026.
Market Reaction:
On Tuesday, VRYYF stock fell 7.27% at $2.5500 with more than 418K shares, compared to its average volume of 180K shares. The stock has moved within a range of $2.5100 – 2.9600 after opening the trade at $2.7400.
