Application filed with OTCQB Venture Market in US

RNS Number : 8046V

Mode Global Holdings PLC

19 April 2021

 

Mode Global Holdings PLC

("Mode" or "the Company" or "the Group")

Application filed to trade on the OTCQB Venture Market in the US

Mode Global Holdings PLC ("LSE:MODE"), the LSE-listed Fintech Group, is pleased to announce that it has filed an application with OTC Markets Group for the Mode shares to be cross-traded publicly on the OTCQB Venture Market ("OTCQB"), under the ticker "MODE".

Listing on OTCQB would mark a key milestone for Mode as the Company's shares would become widely accessible to US investors, helping to boost liquidity, diversify the shareholder register and increase brand visibility for the Company globally.

The listing would have no impact on existing trading in Mode's shares on the London Stock Exchange's Main Market, and no new shares will be issued as part of the US listing. Mode will have no Sarbanes-Oxley or SEC reporting requirements as a result of this listing. The Group will continue to rely on the announcements and disclosures it makes to the London Stock Exchange.

If Mode's application is successful, this cross-trading facility will be provided through New York-based OTC Markets Group Inc. who operate the world's largest electronic interdealer quotation system for US broker dealers.

Mode Executive Chairman Jonathan Rowland said: "Offering cross-trading in Mode shares on the OTCQB means that we can offer US investors the chance to participate in our exciting and ambitious plans to deliver a truly disruptive ecosystem enabled by Bitcoin and Open Banking. The move would benefit all shareholders of Mode as research shows that trading on the OTC by international companies not only raises their profile internationally but also boosts the liquidity of their shares."

Mode Chief Investor Relations Officer Ariane Murphy said: "There is growing appetite for US investors to get involved in public companies with a cryptocurrency offering. Therefore, if our application is successful, we could be opening the doors to a significant number of new shareholders. With our strong Q1 performance and the upcoming launch of our novel Open Banking payments and loyalty solution this quarter, we believe US investors would be tapping into a highly attractive investment opportunity with enormous long-term growth potential."

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Contact

Maitland/AMO (PR): James Isola/Kate Pledger [e-mail]

 

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