Graphano Energy Ltd. (OTCMKTS: GELEF) dropped 9% after the company announced that its stock has qualified for trading in the OTCQB Venture Market today under the current ticker symbol “GELEF.”
Market Reaction
On Wednesday , GELEF stock moved down 8.8% to $0.4195 with 11.68K shares, compared to its average volume of 4.9K shares. The stock has moved within a range of $0.4195 – 0.4766 after opening trade at $0.46.
Graphano Energy Announces Trading on OTCQB and DTC Eligibility of its Common Shares
The company upgraded from the Pink Open Market to OTCQB. Besides the upgrade, the company’s common shares will continue trading on the TSX Venture Exchange under the ticker “GEL.” It is vital to note that OTCQB is a trading platform in the US run by OTC Markets Group and is a platform for developing and early-staged S and global firms.
For a company to qualify for an OTCQB quotation, it has to be current in its reporting and also undergo yearlymanagementcertification and verification process. Notably, companies should meet the minimum bid price as well as other financial requirements. Most importantly, the SEC recognizes the OTCQB marketplace, which offers investors that cannot access TSX Venture Exchange trading access with alternative access to equities via regulated stock brokers. So, GELEF is worth watching.
