Georgetown, Kentucky, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Ecofibre Limited (Ecofibre, Company) (ASX: EOF, ADR: EOFBY) today announced it will sponsor an American Depository Receipt (ADR) program to improve access for investors in the United States (U.S.).
Deutsche Bank Trust Company Americas (Deutsche) has been appointed depositary bank for the program which became available for trading in the U.S. on Thursday, November 12, 2020. Ecofibre’s ADR will trade in the U.S. over-the-counter (OTC) market under the symbol EOFBY. One Ecofibre ADR represents four existing Ecofibre ordinary shares.
The ADR program does not involve the issuance of new shares or the raising of new capital by the Company.
ADRs allow U.S. investors to buy shares in foreign companies through U.S. registered securities without the need for cross-border or cross-currency transactions. They are priced in U.S. dollars and can be traded like shares of U.S. based companies.
Ecofibre's ordinary shares may also continue to trade on the OTC market in the U.S. as foreign securities under the ticker code EOFBF.
Ecofibre will remain a member company of the Nasdaq International Designation and is not listed or traded on the NASDAQ Stock Market, LLC.
About Ecofibre
Ecofibre is a provider of hemp products in the United States and Australia.
In the United States, the Company produces nutraceutical products for human and pet consumption, as well as topical creams and salves. See www.anandahemp.com and www.anandaprofessional.com.
In Australia, the Company produces 100% Australian grown and processed hemp food products including protein powders, de-hulled hemp seed, and hemp oil. See www.anandafood.com.
The Company is also developing innovative hemp-based products in textiles and composite materials in partnership with Thomas Jefferson University (TJU) in the United States. See www.hempblack.com.
The Company owns or controls key parts of the value chain in each business, from breeding, growing, and production to sales and marketing. Our value proposition to customers is built on strong brands and quality products.
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