Australian satellite operator NewSat (ASX: NWT) is now trading shares on OTCQX International, a United States-based marketplace used by overseas companies that are listed on an international exchange.
According to its website, OTCQX International offers global firms an entry into the US public markets without the regulatory burdens of a traditional US exchange listing. It is a segment of the OTCQX marketplace reserved for global companies. NewSat is using the ticker symbol NWTLY to trade.
- NewSat signs $5 million teleport contracts
- Communications Alliance establishes satellite services working group
- NewSat secures rights to eight orbital slot
NewSat founder and CEO, Adrian Ballintine, said it selected the marketplace so that US investors could purchase shares in their time zone.
“Trading on the OTCQX International 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,” he said in a statement.
Other Australian companies trading on the exchange include Fortescue Metals Group, Linc Energy and Gulf Keystone Petroleum.