European Trading and Proposed US Listing of EcoGraf Shares
EcoGraf Limited (EcoGraf or the Company) (ASX: EGR) is pleased to provide an update regarding international trading through its secondary listing on the Frankfurt Stock Exchange under code “FMK”.
The listing provides valuable exposure for the Company to European investors and EcoGraf has observed increased investment through the Frankfurt Stock Exchange over the past month with the JP Morgan Nominees holding account for the European platform increasing from 12.5% to over 19.6% of the Company’s issued capital. 1
This increased trading activity is considered to be in response to the recent announcements from the EU Commission foreshadowing new legislation to require greater recycling, visibility, and traceability of raw materials within the electric vehicle (‘EV’) supply chain. An aspiration fully consistent with the Company’s vertically integrated eco-friendly battery anode materials and recycling business for the lithium-ion battery markets.
As a result, EcoGraf is expanding its investor services to shareholders and investors in Europe and is also pursuing further international investor exposure by investigating potential trading on the ‘Over the Counter’ Market (OTC) in the United States.
This move is in response to the surging investor interest in the USA for the electric vehicle sector and its supply chain, which has been recently stimulated by President Biden announcing plans to replace the US Government vehicle fleet with electric vehicles and supporting the global shift to EV’s.
The OTC Markets Group is one of the largest and best-known trading networks in the US. It consists of three stock exchanges: OTC Pink, OTCQB, and OTCQX. (further information is available at: https://www.otcmarkets.com/). The Company is currently investigating a dual listing on the OTCQX which is the highest quality tier, with electronic trading via registration with the Depositary Trust Company (DTC).
This announcement is authorised for release by Andrew Spinks, Managing Director
1 ~JP Morgan Nominees does not have a relevant interest in these shares and acts solely as a nominee for the investors on the Frankfurt Stock Exchange.
DISC: I hold