Ocean Yield upgrades from Pink market to OTCQX
- Business & Finance
Ocean Yield, a Norwegian ship owning company with investments in vessels on long-term charters, has upgraded from the Pink market and qualified to trade on the OTCQX Best Market.
OTC Markets Group operates the OTCQX Best Market, the OTCQB Venture Market, and the Pink Open Market for 10,000 U.S. and global securities.
Ocean Yield’s ordinary shares have now been approved to trade on the OTCQX Best Market and, effective Tuesday, the shares are available for trading in the United States on OTCQX under the symbol “OYIEF”.
According to the shipowner, OTCQX International Tier of the OTCQX Best Market is designed for investor-focused international companies that have met high financial standards, follow best practice corporate governance, are current in their home country financial reporting and have been sponsored by a professional third-party advisor.
The OTCQX market is considered by the SEC as an “established public market” for the purpose of determining the public market price of a security. Trading on OTCQX indicates that a company is committed to providing a transparent market for its investors and maintaining high financial and operating standards, Ocean Yield said.
Ocean Yield’s Chief Executive Officer, Lars Solbakken, said in a comment: “We are pleased to be able to provide a mechanism that facilitates trading in Ocean Yield shares in US dollars. This will make it easier for U.S. investors to invest in our stock and improve overall trading liquidity of the shares. Ocean Yield is committed to high standards of transparency and the disclosure channels made available through an OTCQX quotation will allow more ready access to information about the company to U.S. investors.”
Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group, said: “Trading on OTCQX will allow Ocean Yield to expand its shareholder base and visibility in the U.S. market without incurring the high cost and duplicative regulatory requirements of a U.S. stock exchange listing.”
In related news, the ship owning company recently bought two platform suppliers from BP Shipping for a total consideration of $105.4 million. The company also owns the subsea vessel Lewek Connector, which is currently under charter with Singapore’s Ezra Holdings.