November 4 (SeeNews) - Bulgarian IoT products developer Allterco [BUL:A4L] said it expects to start trading on the regulated market (XETRA 2) of the Frankfurt Stock Exchange on November 22, after it received a confirmation of its compliance with the listing requirements from the bourse operator.
"According to preliminary information, the indicative listing schedule envisages admission to trading of the shares of Allterco on the Frankfurt Stock Exchange on November 19, 2021 and the first trading day on November 22, 2021," the company said in a bourse filing on Wednesday.
Sofia-based Expat Capital, consultant of Allterco during the listing process, said in an e-mailed statement on Wednesday that the listing on the Frankfurt Stock Exchange will provide investors from all over the world with easy access to the company's shares and will guarantee significantly better prospects for attracting capital for development in the medium term.
In June, Allterco said that it applied to start trading on the Frankfurt Stock Exchange on September 1. Allterco intends to list a total of 17,999,999 ordinary shares with a nominal value of 1 lev ($0.62/0.51 euro) each, representing 100% of its capital, the company said at the time.
Allterco is listed on the Bulgarian Stock Exchange, where its shares traded 4.42% higher at 23.60 levs as at 10:00 CET on Thursday.
Last month, Allterco said that its consolidated sales of IoT devices and related services rose by an annual 55% to 37.8 million levs in the nine months through September. In the third quarter alone, sales of IoT devices and related services added 21% year-on-year to 11.65 million levs.
(1 euro = 1.95583 levs)