Toronto Stock Exchange has granted conditional approval to Valens Groworks Corp (OTCMKTS:VLNCF) to uplist to the TSX. The company needs to fulfill the balance conditions of the TSX to get the final nod for listing.
Long term value for shareholders
Chief Executive Officer of Valens, Tyler Robson said listing on TSX will help the company to improve its appeal to a large shareholder base. The listing will play a vital role in improving the liquidity of Valens stock and generate long term value for the shareholders.
Delisting of warrants and common shares
On complying with final listing requirements, the shares and warrants of Valens will be delisted from TSXV (TSX Venture Exchange). The shares of Valens will trade under the symbol VLNS on TSX. However, its shares will continue trade under the symbol VLNCF on the OTCQX.
Reports Q1 results
Valens has posted record revenues of $32 million in Q1 2020. It is an increase of 1354% when compared to the same period last year. The company has earned per gram revenues of $1.44 in Q1 2020 when compared to $1.25 in Q4 2019.
Changes name to strengthen its position
Valens Groworks will be renamed as Valens Company to further strengthen its position in the end-to-end development and production of CBD based products worldwide. The change of name will help to reflect its strategic vision of the business.
As part of the rebranding strategy, the company will commence trading under the symbol – VLNS on the TSX Venture Exchange. Its ticker symbol will be changed to VLNCF on OTCQX. The company has received the nod of TSXV for a normal course issuer bid. It can purchase shares of up to 6.27 million common shares from the open market within 12 months from the date of approval. The company has outstanding common shares of 127.7 million as of February 29, 2020.
Tyler said Q1 2020 is pivotal because Valens has achieved several milestones that comprise posting improved revenue growth quarter on quarter and its oil-based cannabis 2.0 products occupying shelf space in Canada despite facing several challenges. Valens has introduced several product formats that comprise hydrocarbon-based products to provide high demand products to the customers at the beginning of Q3.
Published at Wed, 22 Apr 2020 12:01:29 +0000