It appears that Hexo Corp (TSX: HEXO) (NYSE: HEXO) is looking at ways to manage its expenditures. The company this morning announced that it will soon be moving its US big board listing from the New York Stock Exchange to the Nasdaq.
The company is by no means the first to conduct such a transaction, with notable peers such as Canopy Growth (NASDAQ: CGC) making the move last fall, while Tilray (NASDAQ: TLRY) predecessor Aphria Inc made the transition in May of last year. Many names within the space have made the shift to the Nasdaq, where listing fees are lower, as capital within the cannabis industry has begun to dry up.
Hexo is expected to transition to the tech-dominated big board on August 23, after the close of markets. The company will continue to trade in the US on the Nasdaq under the symbol “HEXO” as of August 24 on a go-forward basis.
In justifying the move, much like its peers, the keywords used by CEO Sebastian St-Louis were “greater cost savings” that will enable the company to “generate shareholder value.” Naturally, this is being conduct in connection with Hexo’s “path towards profitability.”
Hexo Corp last traded at $4.55 on the TSX.
Information for this briefing was found via Sedar and Hexo Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
