Medical Kiwi to list on NZSX
Medical Kiwi Ltd today announced its intention to list on the NZX Main Board (NZSX). The South Island-based medicinal cannabis company is working towards a listing date late this month, subject to final NZX approval.
Medical Kiwi Chairman Aldo Miccio says NZSX listing will raise public awareness of the company and its strong strategy for helping develop New Zealand’s medicinal cannabis industry, while providing investors with an efficient market in Medical Kiwi shares.
“We’re not raising new capital as part of our listing,” Mr Miccio says. “We are seeking to publicly confirm the integrity and credibility of our strategy, and to let the market properly assign value to a business that has substantial growth potential. New capital will be raised down the track, as and when needed to deliver on our strategy.”
In the interim, holders of Medical Kiwi’s Class A ordinary shares will meet on 17 March to vote on proposed changes to the company’s constitution, and on a resolution that creates one common class of voting share in place of current Class A and Class B shares. The company has 39.44 million shares on issue, including the 2 million Class B shares taken up by investors through crowd funding during 2020.
“Medical Kiwi has been quietly working for two years to establish a distinctly New Zealand business with a focus on both export and domestic markets for medicinal cannabis, and for CBD products in particular,” Mr Miccio says. “We are well positioned to deliver on the promise of these products and to benefit from market growth potential. Now is the right time for us to join the NZSX.”
The company will issue a Listing Profile document prior to the listing date and its NZX code will be MED. No further information will be available until the profile is made available to the market.