Itaconix PLC (LON:ITX) surged on Wednesday as it prepared to begin trading its shares on the US OTCQB market under the symbol ITXXF.
John R. Shaw, chief executive of the polymer specialist, said the ability to trade the company’s shares in the US “will benefit all of our shareholders” and that the firm’s products have already “generated strong interest and steady support from US-based investors”.
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“Today's move onto the OTC Market facilitates investment from the United States by simplifying the trading process for potential US investors, enabling them to trade in our shares in US dollars during US trading hours", he added.
Sometimes called ‘the venture market’, the OTCQB is a decentralised market of early-stage US and international companies whose shares a traded directly by a network of dealers.
Itaconix said trading on the OTCQB will not impact its existing listing in London, and that no new shares were issued as part of the cross-trade.
The news sent the stock 19.3% higher to 1.8p.