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Blockchain Mining (TASE:BLCM) has announced an update regarding the status of its sponsored American Depositary Receipt program with the Bank of New York Mellon in addition to securing a trading market for its ordinary shares in North America. As quoted in the press release: The Company and BNY have been in discussions regarding the termination …
Blockchain Mining (TASE:BLCM) has announced an update regarding the status of its sponsored American Depositary Receipt program with the Bank of New York Mellon in addition to securing a trading market for its ordinary shares in North America.
As quoted in the press release:
The Company and BNY have been in discussions regarding the termination of the ADR program and both parties have mutually agreed to terminate the program effective July 26, 2018. Following the termination, BNY will oversee the in-kind distribution of BLCM shares represented by the Company’s ADR program as of that date.
This action was part of a process taking place in accordance with the Company’s plan to secure a direct market in North America for its ordinary shares.
Wes Fulford, BLCM’s Chief Executive Officer explained: “We believe that it is in shareholders’ best interest to build an active trading market for BLCM in North America, allowing investors to hold and trade the ordinary shares directly. We are committed to attaining a North American trading alternative before the termination of the ADR program. In that connection, the Company is in the process of filing its financial reports to the website of the OTCQX Market, a prerequisite for listing on that market. We anticipate the Company’s shares to be quoted on the OTCQX Best Market in the near term.”
The trading of the ordinary shares on the OTC Link® ATS platform is subject to approval of the OTC Markets and the clearance of a market maker’s application by FINRA to quote the ordinary shares.