88 Energy Limited 88 Energy Commences Trading on the US OTCQB
RNS Number : 2115Z
88 Energy Limited
21 January 2022
21 January 2022
88 Energy Commences Trading on the US OTCQB
-- Official quotation and trading on to the US OTCQB market from 19 January 2022, code: EEENF
-- Delivers North American investors enhanced accessibility and liquidity in 88 Energy trading
-- B.Riley FBR Inc appointed as OTCQB Sponsor
-- Depositary Trust Company (DTC) eligibility application in progress
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ( 88 Energy or
the Company ) is pleased to advise that its application to join the
OTCQB Market in the United States has been accepted and the
Company's shares are now listed for trading under the code EEENF.
The OTCQB Venture Market is for entrepreneurial and development
stage US and international companies.
The Company's primary listing will continue to be the Australian
Securities Exchange ( ASX ), with its secondary listing on the AIM
market of the London Stock Exchange ( AIM ) in the United Kingdom
The OTCQB Market has robust financial reporting and corporate
governance requirements. All these requirements are effectively
satisfied by 88 Energy through its ongoing compliance with ASX
Listing Rules and the AIM Rules.
88 Energy sought OTCQB quotation to provide North American
investors with enhanced accessibility and liquidity in trading of
the Company's shares. The quotation delivers 88 Energy access to
one of the largest investment markets in the world at relatively
nominal cost (compared to traditional major exchanges) and with
practically no additional compliance requirements.
No new shares in the Company are being issued in connection with
commencement of trading on the OTCQB Market. Existing ordinary
shares of 88 Energy may now also be traded on the OTCQB Market and
investors can find real-time quotes and market information on the
OTC Markets website ( www.otcmarkets.com/stock/EEENF/overview
The Company is in the process of applying to the Depository
Trust Company ( DTC ) for DTC eligibility, which essentially
facilitates the trading of securities by individual investors that
use self-managed online broking accounts (such as TD Ameritrade and
E-Trade), as opposed to trading through full-service brokers.
Pending DTC eligibility, trading of the shares is implemented by
brokers acting as market makers.
88 Energy has appointed B.Riley FBR Inc as its OTCQB Sponsor for
the purposes of this market making. A list of other brokers
operating on the OTC Markets is available from the following link:
Managing Director, Ashley Gilbert, commented:
"The OTCQB quotation provides 88 Energy with access to the
world's largest investment market. Given 88 Energy's portfolio of
oil and gas assets is focused solely on the North Slope of Alaska,
it was an obvious next step to upgrade to the OTCQB market,
especially given the strong trade in 88 Energy stock through the
OTC pink sheets throughout 2021.
88 Energy is at an exciting stage with the anticipated spud of
the Merlin-2 appraisal well in February 2022, as well as the
significant activity planned across our portfolio in 2022, so we
are excited to be broadening our exposure in the global investment
community. Joining the OTCQB Market will be matched with an active
investor engagement program, to ensure our investment case and
growth prospects are well understood amongst all current and
prospective shareholders in 88 Energy."
This announcement has been authorised by the Board.
Media and Investor Relations:
88 Energy Ltd
Ashley Gilbert, Managing Director
Tel: +61 8 9485 0990
Finlay Thomson , Investor Relations Tel: +44 7976 248471
Fivemark Partners , Investor and Tel: +61 410 276 744
Media Relations Tel: +61 422 602 720
Andrew Edge / Michael Vaughan
EurozHartleys Ltd Tel: +61 8 9268 2829
Cenkos Securities Tel: +44 131 220 6939
Neil McDonald / Derrick Lee
ABOUT OTCQB Market
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX(R) Best
Market, the OTCQB(R) Venture Market and the Pink(R) Open Market for
10,000 U.S. and global securities. Through OTC Link(R) ATS and OTC
Link ECN, OTC Markets connect a diverse network of broker-dealers
that provide liquidity and execution services. OTC Markets enable
investors to easily trade through the broker of their choice and
empower companies to improve the quality of information available
OTC Link ATS and OTC Link ECN are operated by OTC Link LLC,
member FINRA/SIPC and SEC regulated ATS.
There are currently more than 10,500 securities traded on the
OTC Markets with approximately US$375 billion annual volume, of
which approximately 1000 securities trading on the OTCQB Venture
Market with over US$40 billion total market capitalisation.
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(END) Dow Jones Newswires
January 21, 2022 02:00 ET (07:00 GMT)
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