Vietnam’s Cavico plans to list shares on Nasdaq in September
The company increased its share price through a reverse stock split earlier this month to help meet Nasdaq listing rules, said Executive Vice President Tran Manh Hung. Every 40 shares were converted into 1 common share, he said by phone Friday.
“If our shares traded on the US’s OTC Bulletin Board maintain at more than $4 for about 30 days, we expect to get Nasdaq listing approval in September,” Hung said.
A Nasdaq listing may help bolster the company’s reputation with international investors, Hung said.
Shares of Hanoi-based Cavico last traded at $6.18 on the OTC Bulletin Board, an over-the-counter trading platform, on August 19, according to the OTC Bulletin’s website.
