Sports betting and media company Rivalry Corp.’s subordinate voting shares commenced trading on the OTCQX Best Market as of Tuesday, the business announced. The listing will see Rivalry’s shares trading under the symbol “RVLCF.”
OTCQX enables global companies to better access support U.S. investors and distribute information in the U.S. public markets without the complexity and cost of an U.S. exchange listing.
Moreover, Rivalry further announced that its shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (DTC). DTC is a subsidiary of the Depository Trust & Clearing Corporation, a US company that manages the electronic clearing and settlement of public traded companies.
DTC eligibility is expected to simplify the process of trading and enhance liquidity of the company’s subordinate voting shares in the United States, the Toronto-based company explained in a press statement.
“We are pleased to reach this important milestone in our efforts to increase awareness of Rivalry among U.S. investors and broaden our shareholder base,” said Steven Salz, Co-Founder and CEO of Rivalry.
According to Salz, Rivalry competes in a global sports betting and media marketplace with a “unique strategy” focused on young Millennials and Generation Z, and the company believes its story “may be of interest” to investors internationally.
“Trading on the OTCQX should enhance the ease at which those investors can own our equity, which is aligned with the global nature of our strategy,” further explained Rivalry’s CEO.
The OTCQX Best Market offers established companies the advantages of being publicly traded in the US with lower cost and complexity than a US exchange listing. It is aimed at companies that are already listed on a qualified international stock exchange and seek better access to US investors.
Investors in the OTCQX market benefit from convenient trading through their preferred broker or financial advisor, transparent pricing with real-time quotes, and trusted disclosure that is made broadly available to broker-dealers and market data providers, explains Rivalry.
In order to qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
The OTCQX market was established to solve the problem faced by global companies already listed on an international stock exchange that had no choice but to list on the NYSE or NASDAQ, a process burdened with high costs and complex regulatory requirements.
Rivalry Corp. wholly owns and operates sports betting and media property Rivalry Limited, which offers online wagering on esports, traditional sports, and casino “for the next generation of bettors.” It currently holds an Isle of Man license and is in the process of obtaining additional country licenses, with plans to launch in Australia and Ontario, Canada
In October, the company’s shares began trading on Canada’s TSX Venture Exchange, a move expected to allow Rivalry to continue pursuing markets and verticals outside of its initial esports-first offering. The listing was also carried out in order to allow Rivalry to add more capital to its operations.
“Being public, you can get more speed unlocked,” Salz told Yogonet in an interview last year. According to the CEO, the listing makes it easier to sort out constraints that make raising money harder, such as the due diligence process involved for businesses in sports betting.