MassRoots CEO Isaac Dietrich revealed Monday during a shareholder conference call that the Denver-based social media company is exploring a public listing on a Canadian stock exchange.
MassRoots currently trades on the over-the-counter market under the ticker symbol MSRT. Monday’s announcement follows the Denver company’s failed attempt to be listed on the Nasdaq Stock Market last year.
“We’re evaluating exchanges right now,” Dietrich told shareholders. “The (Toronto Stock Exchange) did have to approve Aphria’s investment in MassRoots last fall, so they’re familiar with our company.
“It would not be done in conjunction with an offering or anything like that, so it would just be existing shareholders gaining the ability to transfer their shares to another exchange. We’re keen on Canada, just because it is a very active and hot market right now.”
Aphria just this month received an initial green light for a listing on the Toronto Stock Exchange.
Dietrich also told shareholders it “still remains one of our top priorities to up-list to a major national exchange” and that company executives would consider a reverse stock split if such a move would get MassRoots a listing on the New York Stock Exchange or Nasdaq. But he emphasized the company is not contemplating the latter move at this time.
Dietrich said MassRoots currently does not meet two key requirements for an up-listing: $5 million in shareholders equity, and a per-share price requirement. Last year, MassRoots fell far short of the $5 million equity requirement, but now is “close, but not quite over the hurdle yet,” Dietrich said.
A reverse stock split, he suggested, could take care of the share price requirement should it prove necessary to obtain a listing on the NYSE or Nasdaq.