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M Pharmaceutical shares make it on to the Depository Trust Company’s platform

Friday, April 7, 2017 6:41
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(Before It's News)

Shares in M Pharmaceutical Inc (CNSX:MQ) could be more widely traded Stateside after being accepted on to the Depository Trust Company (DTC) platform.

The shares are now eligible for book-entry delivery and depository services of the DTC, which will facilitate electronic settlement and transfer of its common shares on the US stock exchange OTC.

The DTC runs one of the world’s largest securities depositories. While there is no requirement that any security be held at DTC to trade, many brokerage firms and issuers want to take advantage of the efficiencies and cost benefits that DTC offers, M Pharma said.

The DTC accepts deposits of securities from its participants only, which are usually clearing houses. DTC helps boost efficiencies, reduce risk and lower costs for participants, issuers and investors throughout the life cycle of a security.

“This approval will broaden M Pharma’s appeal to US investors and will allow brokers and professional advisers previously unable or unwilling to follow or recommend the company’s stock, to become more familiar with our corporate story at this pivotal stage of our company,” said Gary Thompson, chief executive officer of M Pharma, who added that the approval comes hot on the heels of a number of recent milestones for the company.

“With the recent acquisitions of ToConceive and the 40J’s assets, we are very pleased to be able to confirm our eligibility,” Thompson said.

“Electronic trading is the standard in today’s financial marketplace, and becoming DTC eligible greatly simplifies the process of trading our common stock in the US, vastly widening our audience and potential shareholder base. Further, by facility and enabling trading over a broader range of firms. DTC eligibility increases the efficiency and security of the market for our shareholders, lowers the cost and transaction risk, and serves as a reflection of our ongoing efforts to support our growing investor base as the company develops,” Thompson concluded.

Story by ProactiveInvestors


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