Silo Pharma Inc (OTCMKTS: SILO) is likely to have an incredibly strong day in the market today, and for good reason. According to a press release issued early this morning, the company will be leaving the OTC markets and uplisting to the NASDAQ. Here’s what’s happening.
Silo Pharma Plans On Uplisting To The NASDAQ
In a press release issued early this morning, Silo Pharma announced that it will be working to uplist to the NASDAQ. The news comes after a vote in the Board of Directors resulted in an unanimous decision to uplist.
As would be expected, the listing to the NASDAQ is subject to exchange approval and the ability of the company to satisfy listing and regulatory requirements. However, Silo Pharma said that it intends to satisfy all applicable listing criteria.
In a statement, Eric Weisblum, CEO at SILO, had the following to offer:
Silo Pharma is proud to announce that we intend to begin the application process to list on the NASDAQ exchange. Uplisting to The NASDAQ Capital Market is an important milestone at Silo Pharma as we continue to execute on our initiatives to build long term shareholder value. The prospective uplisting will increase our visibility in the marketplace as well as expand our institutional shareholder base.
Why This Is Big News
There’s no question that the news issued this morning is huge. There are three reasons investors should be excited here:
- Increased Demand. Should Silo Pharma be uplisted to the NASDAQ, the stock will enjoy an immediate increase in demand as index funds and ETFs centered around the NASDAQ will jump into shares.
- Trust. Investors tend to trust stocks listed on major exchanges far more than those listed on the OTC. Once again, this will result in increased demand for shares, likely pushing the stock for the top.
- Listing Requirements. Silo has been doing everything it can to improve value for shareholders. However, being listed to the NASDAQ would hold the company to more stringent listing requirements, ultimately keeping management’s interests aligned with those of investors.
The Bottom Line
The bottom line here is that an uplist to the NASDAQ is great for all involved. For the company, it will increase interest among institutions and retail investors alike. For investors, the company will be held to more stringent listing requirements, setting the foundation for more significant growth ahead. No matter how you look at it, SILO stock is worth your attention.
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Disclosure: This article is not intended to be financial advise. This article was published as the result of a monetary relationship between CNA Finance and Silo Pharma. Trading in penny stocks can lead to significant losses.