NexTech AR Solutions Corp (OTCQB:NEXCF) (CSE:NTAR) revealed on Thursday that the company, which is a dominant player in the red-hot augmented reality space for eCommerce, video conferencing and virtual events, has filed to uplist its stock to the tech-laded Nasdaq Capital Market.
In a statement, NexTech CEO Evan Gappelberg said: “We have worked very hard to be able to meet the requirements for Nasdaq and believe that we check all the boxes. Our plan to move to a national exchange reflects our capital raising success, as well as the momentum in growing our video conferencing software platform InfernoAR and augmented reality business.”
He added: “We believe that listing on Nasdaq will help broaden our shareholder base, increase appeal to institutional investors, indexes and ETF’s and provide shareholders with better liquidity.”
Investors responded well, sending shares nearly 17% higher to $5.35 on the OTC Markets.
After extensive discussions with its council and Nasdaq, the company which has offices in New York, Toronto, Dallas and San Jose believes it will meet the requirements for listing its stock on Nasdaq. Although there are no guarantees about when NexTech will be approved to list on Nasdaq, the company expects the process to take 60 days.
NexTech CFO Kashif Malik said: “I’m excited for the prospect of being listed on such a prestigious exchange as Nasdaq and have been working with our council and Nasdaq to ensure that we meet the criteria to be approved and to get our form 40-F registration statement and form F-X to the SEC.”
As part of the company's compensation plan, it also said it has issued 50,000 stock options to a consultant at a strike price of $6.20 with three-year vesting terms.
NexTech is a first mover in the explosive augmented reality space with its ARitize technology, the first cross-platform, browser-based and web-enabled augmented reality eCommerce option. A monthly SaaS (Software as a Service) subscription platform, ARitize enables retailers to transform two-dimensional images into true 3D AR experiences.
The company which has been on a tear said it has a “two-pronged strategy for rapid growth” which includes growth through acquisition of eCommerce businesses and organic growth through its ARitize platform.
The rapidly growing augmented reality industry is estimated to hit $120 billion by 2022, according to Statista. NexTech which bills itself as the first publicly traded “pure-play” AR company, began trading on the Canadian Stock Exchange on October 31, 2018.
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