Source: Douugh
Douugh Ltd (ASX: DOU) (Company or Douugh), the responsible financial super app helping customers manage and grow their money to live financially healthier lives, today announced its plan to list on the OTCQB Venture Market, following increased investor demand from US based customers and investors.
OTC Markets Group operates the OTCQX® Best Market, the OTCQB® Venture Market for 11,000 US and global securities. Enabling investors to easily trade through the broker of their choice, without the need for an Australian trading account. The OTCQB Venture Market is designed for early stage international high growth companies wanting to access and unlock investor demand in the US.
Commenting on the Company’s announcement, Douugh’s Founder and CEO Andy Taylor said:
"We are excited to have initiated the listing process of our common shares on the OTCQB, which we have done so in response to increasing requests from customers, institutional and retail investors in the US wanting to purchase our stock.”
“Given that Douugh is a high growth fintech company, with its first market being the US, the Board believes that such a listing would support our efforts to rapidly scale up our operations, whilst not impacting our existing obligations on the ASX. With little additional compliance relative to our ASX listing and non-material costs, the Board also believes that pursuing a cross-listing on the OTCQB could bring other potential benefits, such as enhanced liquidity and direct market comparisons to US-based competitors, the majority of which are now becoming publicly traded.”
“A significant number of smaller US funds (often considered large by Australian standards) are unable or unwilling to buy directly into an overseas market. Many retail investors are also virtually locked out of trading shares of Australian issuers unless those companies have a US ticker symbol that can be purchased in US dollars during US market hours.”
“Ultimately, we very much want to enable our customers to also become shareholders, as they are the ones who will drive future viral growth, whilst we continue to focus our efforts on building a 10x better product than our competition.”
The listing of Douugh’s common shares on the OTCQB remains subject to the approval of the OTCQB and the satisfaction of applicable listing requirements. As more information becomes available, the Company will keep its shareholders up to date on the status of the application.