July 9, 2020 – NexTech AR Solutions, a provider of augmented reality solutions for eCommerce, Video Conferencing and Virtual Events, has today announced that it has filed to uplist its stock to the Nasdaq Capital Market (NASDAQ).
Evan Gappelberg, CEO of NexTech commented: “We have worked very hard to be able to meet the requirements for NASDAQ and believe that we check all the boxes. Our plan to move to a national exchange reflects our capital raising success, as well as the success and momentum in growing our video conferencing software platform InfernoAR and augmented reality business. We believe that listing on NASDAQ will help broaden our shareholder base, increase appeal to institutional investors, indexes and ETF’s and provide shareholders with better liquidity.”
Kashif Malik, NexTech’s CFO who was appointed in October last year, added: “I’m excited for the prospect of being listed on such a prestigious exchange as NASDAQ and have been working with our council and NASDAQ to ensure that we meet the criteria to be approved and to get our form 40-F registration statement and form F-X to the SEC.”
After discussions with its council and the NASDAQ, NexTech believes that it will meet the requirements for listing the company’s common stock on the Nasdaq Capital Market. NexTech stated that it is expecting the process to take 60 days, although there is no guarantee that the company will get approved for listing, nor is the exact timing certain.
The move to list its stock marks the latest in a string of expansion-related announcements from the company. Last week, NexTech announced the appointment of a new Director of Sales for Europe as part of its new European division and expansion plans in the continent. Furthermore, the company has made several announcements this year regarding its revenue growth, successful contract and partnership signings, as well as increased financing.
Image credit: NexTech AR Solutions
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.