Plus   Neg

Aphria To Transfer Stock Exchange Listing To Nasdaq From NYSE

Canadian cannabis company Aphria Inc. said Monday it will transfer its stock exchange listing from the New York Stock Exchange or NYSE to the Nasdaq Global Select Market. The move is effective June 5, 2020, after the markets close.

Aphria expects its common stock will begin trading as a Nasdaq-listed security at market open on Monday, June 8, 2020, under the same ticker symbol "APHA."

The company noted that the transition will not impact its primary listing on the Toronto Stock Exchange or TSE.

"This move is a reflection of our ongoing commitment to find cost effective ways of operating so we can continue to deliver long-term value to shareholders. Additionally, as a purpose driven Company, we believe Nasdaq will be a good fit for Aphria, particularly given our focus on, and the progress we have made, integrating ESG practices across our business," said Irwin Simon, Chief Executive Officer of Aphria.

Aphria's move to transfer the stock exchange listing to the Nasdaq could be part of the company's efforts to reduce costs. Listing fees on the Nasdaq is usually lower than that of the NYSE, while the transaction fees for the conversion, issuance or cancellation of shares are also lower on the Nasdaq.

The last day of trading of Aphria's common stock on the NYSE is expected to be Friday, June 5, 2020.

In April, shares of struggling Canadian cannabis company CannTrust Holdings were delisted from the NYSE as the shares were no longer in compliance with the stock exchange's continued listing standard rules.

Aphria has recently taken steps to strengthen its balance sheet and reduce debt. In early May, the company said it entered into privately negotiated agreements with a limited number of convertible senior note holders outside of Canada to repurchase a total of about C$127.5 million, or $90.8 million, of principal amount of notes for about 18.7 million of common shares and about C$2.9 million in cash for accrued and unpaid interest.

Aphria noted that the transaction would reduce the company's debt and eliminate $6.7 million in annual cash interest costs.

Aphria, in mid-April, reported a turnaround to profit in the third quarter on a 96 percent surge in revenue from the year-ago period.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT