Danish esports organisation Astralis Group has announced its intention to trade in the US market through a dual quotation on the OTCQX Best Market.
According to the release, the organisation has applied to be publicly listed in the country due to ‘growing US investor interest’ in Astralis Group.
If proven successful, US-based investors will be able to purchase Astralis Group shares. The organisation has also stated that the listing is expected to increase liquidity.
Anders Hørsholt, CEO Astralis Group, commented: “We are pleased to potentially trade on the OTCQX Best Market as it will give our current and potential shareholders an additional and larger regulated platform from which they can conveniently trade our shares. From the company’s perspective, it provides added exposure to an expanding US market of esports investors.”
In December 2019, Astralis Group became the first esports team to be publicly listed by entering into the Danish Nasdaq exchange under the ticker ASTGRP. Other publicly listed esports entities include Guild Esports, ESE Entertainment, and Luckbox.
Due to being a publicly listed company, the organisation recently posted its financial report for 2020. Astralis Group claimed ‘satisfactory’ results with its net revenue increasing from £5.59m in 2019 to £5.93m in 2020. The organisation also revealed that 66 percent of its 2020 revenue came from sponsorships.
Astralis Group’s application process to trade on OTCQX is expected to be finalised within four weeks.
Hørsholt added: “Trading on OTCQX will secure increased access for US institutional and retail investors looking to invest in our company and proven business model and it will provide an opportunity to be a part of Astralis Group’s continued development as an international leader in the growing, global esports industry.”
Esports Insider says: Astralis’s decision to enter into the OTCQX Best Market is a smart decision, especially if there is already interest from potential investors. How impactful this process will be for the organisation depends on how much investment is generated.
Considering the size of Astralis’s brand, both in CS:GO and Europe generally, it’ll be interesting to see how US investors see the organisation should it go on OTCQX. Overall, this looks to be one of many steps in the organisation’s planned global expansion.
About Esportsreporter.com: A leading news channel for all things eSports and gaming. Publishing the most relevant breaking news for esports and gaming including coverage of industry trends and guides on the business of eSports and gaming for investors and aspiring eSports and gaming professionals.
Esportsreporter.com is a wholly owned subsidiary of Appsoft Technologies, Inc. (OTC:ASFT) a publicly traded development stage company aspiring to be a leading contender in the esports, gaming and mobile apps industry.
Safe Harbor Statement
This communication may include certain statements that are not descriptions of historical facts but are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as “may,” “expects,” “believes,” “anticipates,” “intends,” “projects,” or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.