Kiaro Holdings Corp. (OTCPK:KIARF) (TSXV:KO) , a national omnichannel cannabis retailer and wholesale distributor, announced that its common shares are now eligible for electronic clearing and settlement through the Depository Trust Company in the United States.
DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly-traded companies. Securities that are eligible to be electronically cleared and settled though DTCs are considered "DTC eligible." With an accelerated settlement period and reduced costs for investors and brokers, DTC eligibility is expected to simplify the process of trading and enhance the liquidity of the company's shares in the United States.
Kiaro Holding Corp's common shares have been made eligible for book-entry delivery and depository services of the Depository Trust Company to facilitate electronic settlement of transfers of its common shares in the United States. DTC eligibility will simplify the process of trading and is expected to enhance the liquidity of the company's common shares on the OTC Markets where Kiaro Holdings Corp. trades under the symbol "KIARF".
The company's shares will continue to trade on the Toronto Stock Exchange Venture under the symbol "KO".
"We are pleased to have obtained our DTC eligibility. This eligibility will simplify the process of trading shares in the USA, which will be beneficial to Kiaro and our shareholders. With DTC eligibility, the increased accessibility and visibility is expected to attract greater investment and trading liquidity from American investors as our shares will be available to a broader range of investors as we continue to expand our business," CEO, Daniel Petrov said.
Additionally, Kiaro announced that Petrov advised the company's board of directors that he is taking a medical leave of absence. The board and Petrov agreed that during his absence the company's current COO, Eleanor Lynch, has the necessary skills and experience to act as the company's interim CEO. Lynch agreed to assume this interim role.
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