PointsBet seeks new investment with US securities exchange listing
Firm looks for new US investment with listing on OTC Market Group’s Best Market exchange
Australian firm PointsBet has been listed on US securities exchange OTC Markets Group’s Best Market exchange (OTCQX) to help it tap into new investors in the States.
PointsBet CFO Andrew Mellor said: “There is a significant market opportunity for PointsBet in the United States as the legalization of sports betting is rolled out across the nation.
“We have already taken significant steps towards capitalizing on this opportunity and we are thrilled that US investors can be part of our journey via investing in PointsBet stock on the OTCQX market,” Mellor said.
Director of OTC Markets Group International Jason Paltrowitz said: “With PointsBet’s recent IPO on the Australian Stock Exchange, cross-trading on OTCQX in the US will further build the company’s global investor awareness and provide enhanced shareholder value.
“We look forward to supporting PointsBet in the US market,” Paltrowitz said.
The firm has been upgraded to OTCQX from the Pink market, the lowest tier of the three marketplaces, for trading over-the-counter stocks.
It has been listed on Australian securities exchange ASX since June after raising $51m through its IPO.
PointsBet recently issued 16.66 million new shares for institutional investors to raise $84m for further marketing and acquisition, product development and US expansion.
The firm’s stock was trading at $2.50 as of this afternoon.