Core One Labs (COOL.C) announced they filed an application to list its common shares on the Capital Market tier of The NASDAQ Stock Market.
The Nasdaq exchange is ranked as the second-largest exchange by market capitalization in the world and Core One hopes that by joining the exchange they will increase their investor awareness and market liquidity, both for current and future investors.
Core One Labs’ listing on the Nasdaq is subject to the satisfaction of certain conditions, including registration of COOL’s common shares with the US Securities Exchange Commission (SEC) a determination by the Nasdaq listing qualifications staff that Core One satisfies all applicable criteria for initial listing on the Capital Market tier.
These applicable criteria include corporate governance requirements, such as the recognition of shareholder primacy, transparent governance, and security standards. The criteria also includes liquidity standards, although there are multiple ways to meet these standards, including stockholders’ equity of at least 4-5 million and unrestricted publicly held shares of 1 million.
Upon acceptance onto the Nasdaq Capital Market, Core One will have to pay a $75,000 fee due to the current number of outstanding shares, in addition to their $5,000 application fee.
“Given our plans for continued expansion of our geographic footprint of operations in the U.S., we want to make sure that our access to investors keeps pace with the underlying growth and expansion of our business. We view the Nasdaq listing as an important next step in growing our capital base, supporting our current investor base as well as future investors,” stated Joel Shacker, CEO of Core One Labs.
In their statement, Core One went to lengths to emphasize that their successful acceptance onto the Nasdaq is subject to regulatory approval and there is no guarantee they will be approved. COOL expects to have to consolidate its outstanding share capital to satisfy the Nasdaq’s market-related price requirements.
For the time being, Core One will continue to trade on the Canadian Securities Exchange (CSE) under the ticker “COOL” and on the U.S. OTC Markets’ Pink Open Market under the ticker symbol “CLABF”.
Core One Labs is a biotech company focused on bringing psychedelic medicine to market through novel delivery systems, psychedelic-assisted psychotherapy, and API grade psilocybin manufacturing. Their leading proprietary technology is an infused thinstrip which allows for rapid, efficient, and controlled delivery of active ingredients.
Core One’s stock price is down 5 cents following the announcement and is currently trading at $1.25.
Full disclosure: Core One Labs is an Equity.Guru marketing client.