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LOOPShare Uplists to OTCQB Venture Market and Receives DTC Eligibility
Thursday, July 4, 2019Company Profile | Follow Company
Vancouver, BC, July 4, 2019--(T-Net)--LOOPShare Ltd. (TSX-V: LOOP) (OTCQB: LPPPF), the world's first fully-integrated electric scooter sharing platform, announced that it has been approved to up-list from the OTC Pink® to the OTCQB® Venture Market, with its common stock to commence trading on the exchange under the symbol, "LPPPF."
The shares will continue to be dual listed, trading on the TSX Venture Exchange under the symbol "LOOP."
The company's commons shares have also received DTC eligibility by The Depository Trust Company (DTC) for electronic settlement and transfer in the United States.
"Joining the OTCQB elevates LOOPShare's profile in the investment community, which we expect to improve liquidity and broaden our shareholder base," said LOOPShare's president and CEO, Anwar Sukkarie. "It represents the next step in our capital and corporate development strategy designed to build shareholder value as we begin the global launch of our ridesharing service with the deployment of more than 400 e-scooters in key markets around the world."
Earlier this year, LOOPShare announced plans to deploy the 400 e-scooters across at least eight cities internationally with a targeted initial deployment beginning in the second quarter of 2019. It recently initiated a new partnership with GreenMo, a European market leader in electric vehicle rentals, with plans to launch a pilot deployment of 55 Loop e-scooters in the Netherlands.
Operated by The OTC Markets, the OTCQB is a premier marketplace for entrepreneurial and development stage U.S. and international companies that are committed to providing a high-quality trading and information experience for U.S. investors. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process.
The DTC is a subsidiary of the Depository Trust & Clearing Corporation (DTCC). It manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through the DTC are considered "DTC eligible."
This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers reducing transactional costs for participating brokerage firms, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements.
To learn more about Loop, visit www.loopscooters.com.
About the OTCQB Venture Market
The OTCQB Venture Market is operated by OTC Markets Group, which also operates the OTCQX Best Market and the Pink Open Market, which collectively trades more than 10,000 U.S. and global securities. Through OTC Link ATS and OTC Link ECN, OTC Markets connects a diverse network of broker-dealers that provide liquidity and execution services. The platform enables investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors. For more information, visit www.otcmarkets.com.
About LOOPShare
LOOPShare Ltd. is an emerging global leader in ridesharing, micro-mobility and sustainable transportation. Through its wholly owned subsidiary, Saturna Green Systems Inc., it has commercialized a first generation, wireless ruggedized 7-inch touchscreen dashboard with telematics functionality for electric inner-city vehicles. LOOPShare's highly specialized display enables a broad range of services for consumer, tourism or commercial use.
LOOPShare offers connected end-to-end solutions for inner-city transportation vehicles specifically geared toward Transportation-as-a-Service (TaaS). Through Zone Operators worldwide, LOOPShare is implementing TaaS solutions that offer commuter convenience and tourist applications to subscribers based on LOOPShare's state-of-the-art, wireless electric two-wheel vehicle sharing technology. To learn more, visit www.loopscooters.com.
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