Vox Royalty (TSX-V:VOX) Corp told investors it has submitted an initial application to list its common shares on the Nasdaq stock market.
Announcing preliminary annual results for 2021, the company said a Nasdaq listing would support its ongoing capital markets and liquidity enhancement initiatives.
“The company has grown tremendously since its initial public listing in May 2020 and is embarking on its next chapter of growth via a secondary listing,” CEO Kyle Floyd said in a statement. “We expect enhanced trading liquidity in the US market will be a key step for Vox to continue delivering on its differentiated strategy of exponential growth and sector-leading returns on capital invested."
READ: Vox Royalty eyeing record year for its portfolio as it updates on partner progress
Vox Royalty reported quarterly royalty revenue of C$728,000 for the three months ended December 31, 2021, taking total revenue for the year to C$4.58 million, the highest in its eight-year history.
Noting its original 2021 revenue forecast of C$1.7-C$2.5 million - and its subsequent increase to C$4-C$5 million - Vox said it was pleased to deliver on its revenue forecast.
The company said pursuing a Nasdaq listing will provide it with further opportunities to broaden its institutional and retail investor base and enhance its visibility. Additionally, the secondary listing will provide further exposure to the US trading and investor market and ultimately improve the company's overall profile and enhance shareholder value, it added.
“Analysis conducted by Vox management and its financial advisors suggests companies with secondary listings on US main board exchanges have historically resulted in improved trading liquidity for other small and medium-cap royalty companies,” the company said.
Vox said the Nasdaq listing remains subject to satisfaction of all applicable listing and regulatory requirements, including, but not limited to, the declaration of effectiveness of its 40-F Registration Statement registering its common shares with the US Securities and Exchange Commission (SEC).
Its common shares will continue to trade on the OTCQX until Nasdaq approval and the subsequent commencement of trading. It will also continue to maintain the listing of its common shares on the TSX Venture Exchange.
The company also announced that it has granted an aggregate of 263,548 restricted share units to its directors, officers and employees as part of its ordinary course annual management performance reviews.
It has also granted an aggregate of 804,158 stock options to its officers and employee.
Toronto-based Vox is a precious metals royalty and streaming company with a portfolio of over 50 royalties and streams spanning eight jurisdictions.
Contact the author at stephen.gunnion@proactiveinvestors.com