Field Trip, the emerging global leader in the development and delivery of psychedelic therapy, has announced receiving conditional approval to list its company on the NASDAQ stock exchange.
To be fully approved as a NASDAQ listed entity, Field Trip explains that it still has to satisfy the remaining conditions stipulated by the American stock exchange. The psychedelic treatment development company expressed optimism in meeting all these remaining requirements, saying that they will make another announcement once NASDAQ confirms a trading date for the company.
For now, Field Trip has its common stock listed and available for trade in Canada on the TSX Exchange, keeping its ticker (stock market symbol) FTRP. In the United States, at least until NASDAQ lists the company under its exchange, Field Trip will continue trading on the OTCQX with the ticker FTRPF. Once the company starts listing on the NASDAQ, it will cease trading on the OTCQX.
Stepping Out as a Publicly-Traded Entity
"The anticipated listing of our stock on the Nasdaq is a key milestone in our evolution as a publicly-traded company," says Field Trip CEO Joseph del Moral in a company statement. "We believe this anticipated listing will improve liquidity by enabling more investors to participate in our growth, and ultimately enhance long-term shareholder value."
Del Moral also stresses that the company is at a critical point in its journey, with the opportunity to significantly grow and increase its visibility in the market, especially as it continues working towards becoming a world-class and disruptive company leading the psychedelic therapy field.
On the other hand, COO Mujeeb Jafferi explains that now, psychedelics are in a "once-in-a-lifetime renaissance," marked by the growing support to the industry from scientists, investors, and even regulators.
He also shared that Field Trip has already established a leadership position in the industry while keeping its focus on its ongoing drug development program on FT-104, a new, synthetic psychedelic molecule developed by the company, drawing inspiration from its natural counterparts.
The conditional approval on the NASDAQ is subject to Field Trip complying with listing and regulatory requirements that include, but are not limited to, the declaration of effectiveness of Field Trip Form 40-F Registration Statement that registers the company's common shares with the US Securities and Exchange Commission (SEC). Field Trip has already completed the process to make sure that its shares are eligible for electronic clearing and settlement via the Depository Trust Company.
About Field Trip Health Ltd.
Field Trip Health Ltd is the global leader in the development and delivery of psychedelic therapy solutions, led by its Discovery Division to find the next generation of relevant molecules. The Division also leads the company in conducting advanced studies on plant-based psychedelic materials.
Additionally, the company has its Health Division that builds centers across North America and Europe. Through these, the company is creating facilities for psychedelic therapy development and delivery and digital and technological toolset, which allows it to scale its operations, helping people in need with simple, evidenced-based methods of healing and increasing engagement with the world.
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