The ClearVue Technologies Ltd (ASX: CPV) share price was rocketing today after the company announced the completion of another dual listing.
The post The ClearVue (ASX:CPV) share price gained 13% today. Here’s why appeared first on The Motley Fool Australia. –
ClearVue Technologies Ltd (ASX: CPV) shares were rocketing today after the company announced the completion of another dual listing. By the market’s close, the ClearVue share price was trading at 90.5 cents, 13.13% higher than Friday’s closing price. Earlier in the day, the company’s shares rallied by as much as 18.75% to 95 cents before retreating to their current level.
From today, ClearVue will be listed on the US-based OTC Market Group Inc.’s OTCQB Venture Market.
ClearVue is a building materials technology company. It works to integrate solar technology into building materials such as glass and facades.
Let’s take a look at what ClearVue announced.
ClearVue’s newest listing
ClearVue states it has listed on the OTCQB market to allow US- and Canada-based investors more access to the company’s shares. It will also allow these investors to trade ClearVue shares during US trading hours and in US dollars.
The OTCQB market is the middle tier of the over-the-counter (OTC) marketplace. It’s mostly made up of early-stage and international companies.
An OTC marketplace means there is no broker or exchange in between a seller and a buyer.
There are thorough financial reporting and corporate governance requirements that companies listing on the OTCQB market must adhere to. ClearVue stated it satisfied all of the conditions with its previous ASX compliance.
The ASX will continue to house ClearVue’s primary listing. The company is also listed in Germany on the Frankfurt Stock Exchange, the Stuttgart Stock Exchange and the Berlin Stock Exchange.
Commentary from management
ClearVue executive chair Victor Rosenberg commented on the company’s new listing, saying:
The Company has a large commercial focus on the key market of the US where we see significantly increased interest in potential sales enquiry activity following the new focus on infrastructure renewal, climate change and renewable solutions under the new administration in Washington.
ClearVue share price snapshot
The ClearVue share price is having a roaring time on the ASX (and its other exchanges) lately, with today’s news just its latest boost.
Currently, the ClearVue share price is up by 206% year to date. It’s also up by 579% over the last 12 months.
The company has a market capitalisation of around $123 million, with approximately 154 million shares outstanding.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.