Immunoprecise Antibodies Ltd (OTCMKTS:IPATF) (CVE:IPA) climbed Thursday after announcing that its common shares are now eligible for electronic clearing and settlement through the Depository Trust Co in the US.
"The ability to have ImmunoPrecise shares electronically transferred between brokerages in the United States is significantly more convenient and reduces the costs incurred in trading shares," CFO Lisa Hebling said in a statement.
Shares of Immunoprecise gained US$0.03, or 5.2%, to US$0.58 on the OTC Markets. They traded at C$0.75 in Canada.
DTC is a subsidiary of the Depository Trust & Clearing Corp, a US company that manages the electronic clearing and settlement of publicly traded companies. Securities eligible to be electronically cleared and settled through DTC are considered DTC-eligible.
The Victoria, British Columbia-based company expects such eligibility will simplify the process of trading and enhance liquidity of its common shares in the US.
Hebling added that “existing investors benefit from greater liquidity and execution speed
s, while we've also opened the door to new investors that may have been previously restricted from our stock."
Immunoprecise focuses on the next generation of antibody discovery and operates from lab facilities located at the Vancouver Island Technology Park in Victoria, British Columbia.
Contact Dennis Fitzgerald at email@example.com