Cannabis extraction company MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) said it has filed an application to list its common shares on the NASDAQ Stock Market (NDAQ). The company said it will continue to maintain the listing of its common shares on the Toronto Stock Exchange under the symbol “LABS”.
“We are thrilled to be entering the next phase of growth at MediPharm Labs including cross-listing on the NASDAQ, one of the world’s foremost exchanges for emerging markets and technology, such as the burgeoning cannabis sector,” said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “Listing alongside our peers on the NASDAQ will enhance our visibility and access to a larger base of institutional and retail shareholders in the U.S. and globally.”
Last month, the company said it secured a $38.7 million credit facility from a top 5 Canadian Schedule 1 bank. Although the company initially sought $20 million, the credit facility was upsized and is comprised of a revolving term facility, a non-revolving term facility, and a non-revolving delayed draw term facility. In June, the company closed its previously announced bought deal offering of 13,514,000 common shares in the capital of the company at a price of $5.55 per common share for aggregate gross proceeds of C$75 million. The stock was lately trading at C$4.53.
“With the successful upsizing of our Credit Facility and the proceeds from our recent $75 million bought deal equity offering, we have strengthened our balance sheet and our ability to execute our global business plan to efficiently seize the growth opportunities before us,” said Pat McCutcheon, CEO of MediPharm Labs. “In particular, this enlarged facility will enhance liquidity and support the delivery of our stated Canadian and Australian capex strategy, to ramp-up of production capacity to meet contracted and expected demand for our new product classes.
In advance of its anticipated listing on the NASDAQ, MediPharm Labs will file a Form 40-F Registration Statement with the United States Securities and Exchange Commission (SEC).
The listing of its common shares on the NASDAQ remains subject to the approval of the NASDAQ and the satisfaction of all applicable listing and regulatory requirements, including the SEC declaring the Form 40-F Registration Statement effective.