NexTech Begins Trading on the OTCQB
NextTech AR Solutions (CSE:NTAR,OTCQB:NEXCF) announced on Monday (March 11) that it has begun trading on the OTCQB Venture Market.
On Monday, NexTech shares opened at US$0.45 and closed at US$0.46 on the OTCQB exchange. On Tuesday (March 12), shares opened at US$0.51 and closed at US$.50 with a trading volume of 136,455 shares and a total market capitalization of roughly US$25 million.
NexTech has been listed on the Canadian Securities Exchange (CSE) since October 2018. The listing on OTCQB will further expand investment opportunity from international and US markets. The company provides an augmented reality platform that is integrated with Shopify (TSX:SHOP), WordPress and Magento and enables online retailers to sell their products through a 3D shopping experience.
“Since going public on the CSE October 31, 2018 we have been very proactive and focused on uplisting to the OTCQB and will uplist our shares again as we meet the US exchange requirements by growing our business and market capitalization,” CEO Evan Gappelberg said in the release.
“We believe that the broader exposure afforded by the OTCQB will raise our visibility within the investment community and assist in increasing the liquidity of our common stock.”
The process of becoming eligible to list on the OTCQB involves a number of requirements. These include annual audits of a company’s financial statements by a PCAOB auditor, not being in bankruptcy and having a minimum bid price of over $0.01 per share, among others.
ARitize, one of NextTech’s primary business operations, is a web-based platform that provides augmented reality capabilities to online shopping. Integrating artificial intelligence and real-time analytics, ARitize allows customers to view online products directly in their homes through a 3D experience.
Currently integrated with WordPress, Magento and Shopify, NexTech is applied through an embed code, where retailers pay $79 per month for the service. The ARitize platform marries augmented reality and the booming ecommerce industry. Ecommerce growth is expected to rise by 45.7 percent in the US and 70.7 percent in China by 2023, according to recent statistics.
On Tuesday, NextTech launched an augmented reality platform for cannabis dispensaries, called AR Dispensary, where customers can view a variety of cannabis strains and products.
According to a report by Arcview Market Research and BDS Analytics, the global market is expected to reach US$57 billion on legal cannabis spending by 2027.
“AR Dispensary provides that traditional research and purchase experience for dispensaries that we’ve seen be so successful across a host of other industries. This is truly a next-generation experience that will drive engagement and learning within the cannabis industry,” said Gappelberg in Tuesday’s press release.
NextTech is also exploring AR platforms in healthcare and delivery services.
NextTech opened on the CSE on Tuesday at C$0.65 and closed at C$0.68. The company traded at a high of C$0.71 and a low of C$0.65 over the one-day trading period with a market capitalization of $28.92 million.
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Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.