The listing of the company's common shares on the OTCQB, a platform operated by OTC Markets Group Inc (OTCQX:OTCM), remains subject to the approval of the OTCQB and the satisfaction of applicable listing requirements.
Part of the process includes the filing of Form 211 with US securities regulator Financial Industry Regulatory Authority (FINRA), which has also been completed and is awaiting clearance, and application for Depository Trust Company eligibility to enable trading on the OTCQB.
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The OTCQB is recognized by the Securities and Exchange Commission as an established public market providing public information for analysis and value of securities. As a verified market with efficient access for US investors, the OTCQB helps companies build shareholder value with a goal of enhancing liquidity and achieving a fair valuation.
"Recently we have had significant interest from U.S. based biotech and pharmaceutical industries, so listing MVMD on the OTCQB is an important step to provide easier access and trading capability in our company's common shares for both institutional and retail investors," said Mountain Valley MD CEO Dennis Hancock.
"This will contribute to one of our core strategies to enhance liquidity, building on the significant progress we have made over the past quarter."
The company added that it will continue to trade on the Canadian Securities Exchange under its existing symbol "MVMD" and in Frankfurt under its existing symbol "20MP."
Warrant exercise update
In other company news, Mountain Valley MD said it has recently begun to receive exercises of warrants from its shareholders, issuing 3,982,570 common shares for gross proceeds of $1,393,899. The significant majority of the company's warrants are scheduled to expire during the 2021 calendar year, with the majority of those expiring on February 21, 2021.
"Seeing our shareholders starting to exercise their warrants leading into this expiration period is a strong validation of their confidence in our business plan and our proven ability to execute against our objectives," Hancock said.
"Mountain Valley MD has zero debt and our incredibly strong cash position enables us to continue our focus on execution with minimal financial distraction."
Mountain Valley MD is building a world-class biotech and life sciences company organization centered around the implementation of its patented Quicksome oral drug formulation and delivery technologies to innovate industry-leading products that are sought out globally.
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