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Summary
- Nouveau Monde Graphite Inc (TSXV:NOU) announced on Monday, March 31, that it has applied for a listing on the New York Stock Exchange (NYSE).
- Its TSXV-listed stock shot up by nearly 17 per cent on Wednesday, bringing its growth for this week to almost nine per cent.
- Nouveau Monde stock has expanded by nearly 1,126 per cent in the past one year.
Stocks of Nouveau Monde Graphite Inc (TSXV:NOU) took off this week after the Canadian exploration company announced on Monday, March 31, that it has applied for a listing on the New York Stock Exchange (NYSE).
Its TSXV-listed stock shot up by nearly 17 per cent on Wednesday, bringing its growth for this week to almost nine per cent.
Let’s find out more about Nouveau’s NYSE listing and stock performance details.
Nouveau Monde’ NYSE Listing – Key Insights
Nouveau Monde, a mining exploration company in Quebec, said on Monday that it has filed a preliminary prospectus with regulatory authorities for its NYSE listing. Once its receipt is confirmed, the company is expected to launch offerings to raise up to C$ 500 million over the following 25 months.
©Kalkine Group 2021
It had announced its plans to get a US listing for its stock on February 16, although it had not mention then which bourse it was aiming for. Last week, on March 24, it confirmed that a majority of 98.43 per cent of its shareholders have greenlit the stock listing plan.
Following the approval, Nouveau Monde said that it will be executing a reverse stock split of its outstanding shares.
Nouveau Monde Graphite Inc (TSXV:NOU) – Stock Performance
Nouveau Monde stock has expanded by nearly 1,126 per cent in the past one year.
Although it has dropped nearly 31 per cent from its 52-week high of C$ 27.4 (February 11), the mining stock records a growth of over 84 per cent for this year.
1-year chart of Nouveau Monde’s stock performance (Source: Refinitiv/Thomson Reuters)
The C$ 704-million market cap company holds a price-to-book (P/B) ratio of 211.1, a price-to-cashflow ratio (P/CF) of 25.8 and a debt-to-equity (D/E) ratio of 0.52, as per the data on TMX.
The Montreal-based firm secured net proceeds of close to C$ 22 million following two rounds of financings in January and February.
With a listing on the US markets, Nouveau Monde will be expanding its reach to a much wider shareholder base, a move that its current investors seem to be in support.
