NEO Exchange announced on Monday that it will begin trading in its first cross-border listing, U.S. health-care firm Nobilis Health Corp., on Wednesday.
Houston-based Nobilis Health, which operates various health-care facilities in Texas and Arizona, will be the firm to list on the NEO Exchange and a U.S. exchange. The stock currently trades on the NYSE American exchange.
“We believe that tangible, long-term benefits for global investors and international companies like Nobilis Health can be realized through a dual listing, and are proud that our commitment to doing things differently in the stock exchange business is what will rekindle their relationship with the Canadian capital markets,” says Jos Schmitt, president and CEO of NEO Exchange, in a statement.
Nobilis Health voluntarily delisted from the Toronto Stock Exchange in 2016, saying it could “no longer justify the expenses and administrative efforts, among other factors, associated with maintaining a dual listing.”
However, Harry Fleming, chairman and CEO of Nobilis Health, now says that “better access to and by investors, enabled by a dual listing in the U.S. and Canada, will benefit our existing shareholders and our ability to raise capital in the future. NEO’s unique focus on quality liquidity and its investor outreach program will further the recognition of our true market value and allow us to grow our Canadian shareholder base.”