DAVIDsTEA Inc., a leading tea merchant in North America, was accepted for listing on the TSX Venture Exchange (TSXV).
The company’s common shares commenced trading on the TSXV on April 3, under the ticker symbol DTEA. The shares will trade on the TSXV in Canadian dollars, and shareholders were not required to exchange their share certificates or take any other action in connection with the TSXV listing, as there was no change in the trading symbol or CUSIP for the shares.
“Listing on a Canadian stock exchange makes sense for DAVIDsTEA,” said Frank Zitella, president and chief operating and financial officer of DAVIDsTEA. “We have significant brand awareness in Canada, all of our retail stores are in Canada, and a majority of our revenues are generated in Canada. Additionally, a TSX Venture Exchange listing creates opportunities to reduce administrative and compliance costs without compromising investor confidence. Our shareholders in the United States and other U.S. investors will be able to trade DAVIDsTEA through the facilities of the TSX Venture Exchange.”
As a result of its listing on the TSXV, DAVIDsTEA said it intends to voluntarily delist its common shares from The Nasdaq Global Market (or Nasdaq) and file a Form 25 with the U.S. Securities and Exchange Commission. As a result, the company’s common shares are expected to cease trading on Nasdaq at the close of markets on April 14. During a two-week interim period from April 3 to April 14, DAVIDsTEA’s common shares will trade on both the TSXV and Nasdaq.
DAVIDsTEA offers a specialty branded selection of high-quality loose-leaf teas, pre-packaged teas, tea sachets, tea-related accessories and gifts through its e-commerce platform, the Amazon Marketplace, and its wholesale customers, which include more than 3,800 grocery stores and pharmacies, and 18 company-owned stores across Canada.
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To learn more about DAVIDsTEAm visit DavidsTea.com.
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