Cybin (CYBN.NE) has announced they have been uplisted, moving from the OTC Pink to the OTCQB Venture Market, and will begin trading on the OTCQB when the market opens on March 8, 2021 under the symbol “CLXPF”.
The OTCQB, operated by OTC Markets, is a market for developing and entrepreneurial companies, both in the US and abroad. To be included in the OTCQB, companies must undergo annual auditing by a PCAOB auditor and be current in their financial reporting. To join the OTCQB companies must also have a freely traded Public Float of at least 10% of the total issued and outstanding of that security and a minimum bid price of $0.01. Being included on the OTCQB guarantees investors more transparency.
“Listing on the OTCQB is another important milestone for Cybin. It affords us greater visibility within the investment community, which should enhance our liquidity and increase our access to institutional and retail investors. This additional capital markets exposure will be valuable, as we continue to support our psychedelic drug development programs to potentially treat mental health disorders, such as Major Depressive Disorder and other therapy-resistant psychiatric disorders,” stated Doug Drysdale, chief executive officer of Cybin.
Their uplisting provides Cybin with the opportunity to reach new investors and provide increased capital market exposure. This announcement comes after last month Cybin reported they spent $643,743 on R&D in Q3. Cybin’s goal is to use progress psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders.
This uplisting comes at the same time they are announcing a new strategic brand messaging campaign whose goal is to align its corporate mission amongst the investor community across North America and Europe. Cybin has engaged CDMG (Creative Direct Marketing Group), a leader in target advertising, to develop and execute a comprehensive investor relations program and to provide marketing services focusing on North America and Europe.
Cybin will continue to trade on the NEO exchange under the symbol “CYBN”. Following the news of its uplisting, CYBN opened at $1.69, up $0.11 from the previous close, but has since come down to $1.61.
Full disclosure, Cybin is an Equity.Guru marketing client.