Argent BioPharma Ltd (LSE:MXC, OTC:MGCLF, ASX:RGT) has begun trading on the OTCQB Venture Market under the ticker MGCLF, following approval for its ordinary shares to be traded in the United States.
Trading commenced at market open on May 2, and the company is in the process of changing its trading symbol.
Easier access for US investors
The cross-listing on the OTCQB is expected to enhance investor benefits by providing easier access for US-based investors and increasing liquidity through a broader geographic pool of potential investors.
The OTCQB Venture Market is known for supporting entrepreneurial and development stage companies by providing efficient market access, which assists in building shareholder value and achieving fair valuation.
Trading on the OTCQB will allow US investors to purchase Argent BioPharma’s shares in US dollars during US market hours while continuing to provide access to the same level of information and disclosure available in Australia.
The trading of the company’s ordinary shares on the ASX will not be affected by the OTCQB facility and no new shares have been issued.
To diversify register
Managing director and CEO Roby Zomer said: “We are pleased to commence trading of Argent BioPharma’s shares on the OTCQB, marking another step forward of rapid progress for the company.
“Cross-trading on the OTCQB will increase liquidity and significantly enhance the ability of US-based investors to access and trade Argent BioPharma’s shares during a period in which we are actively progressing our key drug developments.
“Trading on OTCQB will also, we believe, serve to diversify the share register and increase exposure to a broader range of investors."
Experienced CFO appointed
In addition to its market expansion, Argent BioPharma has appointed Igor Bluvstein as chief financial officer.
Bluvstein brings more than 15 years of experience in financial leadership across various industries, including e-commerce, biotechnology, petrochemical and medical cannabis.
His previous roles include CFO positions at MDD Group and Frutarom Industries Ltd as well as financial controller at Mirland Development Corporation PLC.
Bluvstein, a certified public accountant, holds a Bachelor of Arts in accounting and economics from the Open University of Israel.
“I’m also delighted we have been able to appoint someone of Igor’s expertise as the company’s CFO, we are all very much looking forward to working with him,” Zomer added.