Hexo Corp. (NYSE: HEXO) disclosed that it has decided to transfer its U.S. stock exchange listing from the New York Stock Exchange to the Nasdaq. The transfer is dependent on the authorization of the Nasdaq Stock Exchange. The firm is anticipating the transfer to happen on August 23, 2021, after market close.
The common shares of HEXO are likely to commence trading as a Nasdaq-listed security on August 24, 2021. HEXO also disclosed that it will continue trading under the symbol “HEXO”. It has been clarified by the firm that existing retail and institutional investor shares will automatically be shifted over to Nasdaq and existing shareholders are not obliged to take any action. The last day of trading of the firm’s common stock on NYSE is anticipated to be on August 23, 2021.
The firm revealed that shifting our U.S. listing to Nasdaq will enable the firm to create shareholder value. The firm will do this through greater cost savings on its path towards profitability while joining its partners on the world’s leading exchange.
Moreover, the firm is thankful for the collaboration and assistance that the New York Stock Exchange has offered to the firm. Additionally, it will enable the firm to be one of the first publicly traded cannabis firms in the US.