NewSat joins global exchange
Mawson Lakes-based satellite company NewSat has started trading its stocks on a global exchange.
NewSat announced today the company’s ordinary shares started trading on the OTCQX in the United States under the ticker symbol “NWTLY”.
Trading as Depository Receipts (ADRs), each ADR is equivalent to 100 NewSat ordinary shares. NewSat will continue to trade on the Australian Securities Exchange (ASX) under its existing code “NWT”.
“OTCQX International is a segment of the OTCQX marketplace reserved for high-quality non-US companies that are listed on a qualified international exchange,” the company said.
“This will complement NewSat’s listing on the ASX and US investors can access NewSat’s current disclosures at www.otcmarkets.com.
“The OTCQX is an extension of the Company’s existing Level 1 American Depository Receipt (ADR), established in 2004.
“It provides an online platform for US investors to purchase NewSat shares in their time zone and will increase NewSat’s exposure to US investment communities.”
The Bank of New York Mellon (BNY Mellon) will serve as NewSat’s Principal American Liaison (PAL) acting as a bridge for NewSat to the OTCQX and providing NewSat professional guidance on OTCQX requirements.
NewSat Founder and CEO, Adrian Ballintine said the global platform had its advantages.
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“Given the recent global interest in NewSat, we are delighted to qualify for trading on OTCQX,” he said. “Trading on the OTCQX will complement our ASX listing and enable us to provide our US investors with relevant information and timely news to assist in the analysis, value and trade of the company securities.”
NewSat is Australia’s largest pure-play satellite communications company, delivering internet, voice, data and video communications via satellite using teleport infrastructure in South Australia and Western Australia.
The company is soon to launch its own satellite, the Jabiru-2, increasing its business base.
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