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Source: Douugh
Douugh Ltd (ASX: DOU) & (OTCQB: DOUUF), the banking super app helping customers budget, save and invest to live financially healthier lives, is pleased to announce that its application to dual list on the OTCQB Market in the United States has been accepted and the Company’s shares are now traded under the code OTCQB: DOUUF.
The Company’s primary listing continues to be on the Australian Securities Exchange (“ASX”), with its shares dual-listed on the OTCQB Market. The OTCQB listing aims to provide current and potential North American investors with appropriate visibility, accessibility and liquidity to invest in the Company. Three key advantages for North American investors are:
1. Trades and settlements are in US Dollars (USD);
2. Trading in the North American time zone; and
3. The OTCQB share is the same class of Ordinary Share to ASX traded stock (ASX: DOU), not a synthetic. The share registry is still maintained by Automic Group in conjunction with a US Transfer Agent.
From the Company’s perspective, it is provided access to one of the largest investment markets in the world at nominal cost, with no additional compliance requirements, compared to traditional major exchanges.
Commenting on the Company’s OTCQB Market listing, Douugh’s Founder and CEO Andy Taylor said:
“Douugh’s first market is the US and this step has been taken to capitalise on increased investor demand from US based customers and investors. The Board believes that this dual listing will support our efforts to rapidly scale up our operations, whilst not impacting our existing obligations on the ASX. The OTCQB listing could bring other potential benefits, such as enhanced liquidity and direct market comparisons to US-based competitors, many of which are now becoming publicly traded.”
“Many smaller US funds (often considered large by Australian standards) are unable or unwilling to buy directly into an overseas market. Many US retail investors are also virtually locked out of trading shares of Australian issuers unless those companies have a US ticker symbol that can be purchased in US dollars during US market hours. This listing facilitates these parties potentially becoming Douugh shareholders.”
Financial Services
