enCore Energy Corp. has announced that it will consolidate its common shares on a one-post-consolidation-share-for-every-three-current-shares basis in connection with its application to list on the Nasdaq Stock Market.
The common shares will trade on the TSX Venture Exchange on a post-consolidated basis starting from the market open on September 14, 2022.
"The decision to list on the Nasdaq will provide enCore with greater visibility through a leading capital market trading platform that is suited for growth-oriented companies like enCore,” said enCore's executive chairman William M. Sheriff in a statement.
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“With the commissioning of the Rosita Uranium Processing Plant to be completed in 2022 and planned production in 2023, increased exposure to the largest market in the world coincides with 2023 cash flow. enCore is well positioned to provide a reliable, low carbon and domestic supply of fuel for the growing nuclear energy sector. This marks another important step in enCore's growth as it continues its work to become a leading United States ISR uranium development company," he added.
The company noted that the uplisting from OTC to Nasdaq provides growth-oriented companies greater exposure to the largest capital market in the world.
Additionally, the resulting smaller share count and higher share price is more palatable to US institutional investors, it said.
The company currently has 322,822,741 common shares issued and outstanding. Following the share consolidation, the company will have approximately 107,607,580 common shares issued and outstanding prior to rounding for fractional shares.
The exercise price and the number of common shares issuable under any of the company's outstanding warrants, stock options or other convertible securities will be proportionately adjusted upon the consolidation.
The company noted that the completion of a listing is subject to final regulatory approvals and the satisfaction of applicable listing requirements and as such, there can be no assurance that a listing will be completed. When a listing is completed, it is contemplated that the common shares of the company would be dually listed and continue to trade in Canada on the TSX Venture Exchange under the symbol "EU".
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