Mooter commences ADR listing

Mooter commences ADR listing

Digital media company Mooter Media (ASX:MMZ) has commenced its ADR program on the US over-the-counter market.

The company revealed its ADR (American Depository Receipt) program became effective this week, under the trading code MOTMY.

Its ADRs will be upgraded from a listing on the OTC Pink Sheets to the premium-tier OTCQX International later this month.

The listing will allow US brokers to either trade directly in MMZ shares on the ASX or in the ADRs themselves.

The company's principal American advisor is investment bank Merriman Capital, which will continue to work with Mooter on procedural and reporting requirements.

Mooter has simultaneously dropped its hearing in the Administrative Appeals Tribunal, after ASIC agreed to reduce the company's ban on relying on share sale disclosure exemptions to three months, from one year.

Companies listed on the Pink Sheets market do not need to be in compliance with US regulator SEC's reporting requirements. While OTCQX companies need not comply fully with the SEC guidelines either, they are required to submit financial statements and other key disclosures.

Mooter has meanwhile revealed that its stake in acquisition target Entellect (ASX:ESN) yesterday reached 51.75%.

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Tags Mergers and acquisitionsEntellectMooter MediaAmerican depository receiptsASX:MMZASX:ESN

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