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Be the first with the news that moves the market- Asset management firm, Sprott (TSX:SII) has submitted its application to list on the New York Stock Exchange
- A Registration Statement has also be filed with the US Securities and Exchange Commission
- With many of its clients based in the US, Sprott believes NYSE listing will complement the relationship between its clients and shareholders
- In connection with the planned listing, the company is also looking to consolidate its outstanding common shares
- Sprott (SII) is currently down 4.47 per cent and is trading at C$3.63, with a market cap of $920.93 million
Sprott (TSX:SII) has submitted its application to list on the New York Stock Exchange.
The Toronto-based asset management firm has also filed a Registration Statement on Form 40-F with the US Securities and Exchange Commission.
In conjunction with Sprott’s proposed listing on the NYSE, the company has also filed articles of amendment to implement a consolidation of its outstanding common shares. This will be undertaken on a basis of one post-consolidation common share for every ten pre-consolidation common shares.
These shares are anticipated to commence trading on the Toronto Stock Exchange, on a post-consolidation basis, on around May 28 of this year.
Furthermore, Sprott’s common shares are expected to begin trading on the NYSE under the symbol ‘SII’ before the end of the second quarter of this year.
However, this remains subject to the receipt of all necessary approvals.
This consolidation is expected to reduce the company’s number of issued and outstanding common shares from 253,556,869 to 25,355,686.
Peter Grosskopf, CEO of Sprott, said that listing on the NYSE would be a significant achievement for the company.
“Our planned listing on the NYSE represents an important milestone for Sprott as we believe it will create greater exposure for the Company and attract an expanded and diverse group of institutional and retail investors in the United States.
“As the large majority of our clients reside in the United States, the listing will allow us to more fully explore synergies between our client base and shareholders,” he said.
The company noted that listing on the NYSE is dependent on the Securities and Exchange Commission declaring the Registration Statement effective, as well as approval from the NYSE.
The company also noted that neither of these events are guaranteed.
Sprott (SII) is currently down 4.47 per cent and is trading at C$3.63 at 2:01pm EDT.
