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Affinor rises on move to trade shares electronically in the US

Affinor Growers (CSE:AFI) has received the nececessary approvals to have its shares traded electronically in the US, which the company says is more convenient and lowers the costs incurred in trading shares.
Affinor rises on move to trade shares electronically in the US
Affinor Growers

Affinor Growers (CSE:AFI) has received the nececessary approvals to have its shares traded electronically in the US, which the company says is more convenient and lowers the costs incurred in trading shares. 

The company, in a statement released earlier today, told investors that its common shares have been made eligible for book-entry delivery and depository services of The Depository Trust Company, the largest securities depository in the world with over $35 trillion worth of securities on deposit.

The move facilitates the electronic trading of its common shares in the US.

"With our shares now trading electronically, investors can instantly benefit from greater liquidity and faster execution speeds," said executive chairman Nick Brusatore.

"We are excited that new investors that may have been restricted from our stock, can now participate."

Shares of Affinor rallied more than 8 percent on the news, to 46 Canadian cents. 

Affinor said it will benefit from reduced time for stock deposits and withdrawals into brokerage accounts, while eliminating the inherent risks tied to the loss and replacement of physical stock certificates. 

It also noted that DTC-approved companies often experience higher trading volumes in their stock given the enhanced accessibility of shares for trading.

The Montreal, Quebec-based company is focused on growing crops such as romaine lettuce, spinach, strawberries and medical marijuana using vertical farming techniques.

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