WOONSOCKET, R.I. & TORONTO--(BUSINESS WIRE)-- Abacus Health Products, Inc. (CSE: ABCS, OTCQX: ABAHF) (“Abacus” or the “Company”) today announced that it has received approval from the Depository Trust Company ("DTC") to make the Company's subordinate voting shares eligible to be electronically cleared and settled through DTC ("DTC Eligibility").
DTC Eligibility makes Abacus’ subordinate voting shares accessible to a wider pool of investors in the United States, which is expected to result in higher trading volumes of the Company’s shares. DTC is a subsidiary of the Depository Trust and Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. DTC Eligibility incorporates an electronic method of clearing securities that speeds up the receipt of stock and cash, and thus accelerates the settlement process for certain investors.
"Obtaining DTC Eligibility is an important milestone for Abacus,” said Perry Antelman, CEO of Abacus. “Following the announcement that our subordinate voting shares began trading on the OTCQX Market we look forward to the additional benefit that DTC Eligibility offers investors by providing a more efficient way to purchase our shares in the United States."
DTC is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law and a registered clearing agency with the U.S. Securities and Exchange Commission.
This news release contains forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements.
The forward-looking statements contained in this news release include, without limitation, statements relating to the impact of DTC eligibility for Abacus’ subordinate voting shares, including access to additional investors and enhanced liquidity. Forward-looking statements are based on management's current expectations and are subject to a number of risks, uncertainties and assumptions, including assumptions regarding the Company's ability to efficiently operate its business, market and economic conditions, business prospects or opportunities, future plans and strategies, anticipated events and trends, and regulatory changes that may affect the Company and its customers and industry. There can be no assurance that actual results will not differ materially from those expressed or implied in forward-looking statements. Undue reliance should not be placed on forward-looking statements. Additional information about these risks, uncertainties and assumptions is contained under "Risk Factors and Uncertainties" in the Company’s annual information form dated April 12, 2019, which is available under the Company’s SEDAR profile at www.sedar.com. Each forward-looking statement speaks only as of the date hereof, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Abacus Health Products, Inc.
Abacus is engaged in the development and commercialization of over-the-counter (OTC) topical medications with active pharmaceutical ingredients and which contain organic and natural ingredients, including a cannabinoid-rich hemp extract containing CBD from the Cannabis sativa L plant. Abacus’ products are aimed at the rapidly growing markets for topical pain relief and therapeutic skincare and are based on proprietary patent-pending technologies developed by Abacus. Abacus’ formulations combine advanced science with organic and natural ingredients to provide safe relief. Abacus currently offers two lines of products: CBD CLINIC™, marketed to the professional practitioner market, and CBDMEDIC™, marketed to the consumer market. Abacus’ products are offered across the United States and are produced by a contract manufacturer in a cGMP compliant and audited manufacturing facility.
To learn more about Abacus, visit www.abacushp.com
Source: Abacus Health Products, Inc.