Burford Capital Updates on SEC Approval for US Listing
Burford Capital Limited (LON: BUR), a finance and asset management company, has announced on Monday that it has received approval from the New York Stock Exchange (NYSE) to list its shares on the exchange and is now waiting for a green light from the Securities and Exchange Commission (SEC).
Burford is already listed on the London Stock Exchange (LSE), meaning the possible listing on the US market will be the second listing for the company.
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The latest update came after the company filed a registration statement with the US market regulator in July to list its ordinary shares. It is to be noted that the company is not intending to issue new shares for the US market.
The regulator, however, did not provide any comment or approval on the firm’s listing application.
The company also detailed that it has already initiated a “multi-week period of administrative preparation” that is necessary for the US listing while it is waiting for the regulatory approval.
“To enable trading on both the NYSE and AIM, certain mechanical and administrative matters will need to occur,” the LSE notification stated. “In particular, all shareholders will need to elect whether they wish future trading of their Burford shares to settle through CREST or DTC.”
A solid rally on the London market
The announcement also impacted the market performance of Burford stocks as it jumped by 4.36 percent, as of press time, on the London exchange since the market opened. Notably, the company also faced the market wrath due to the Coronavirus-induced sell-off, but is strongly rallying upward since, gaining over 100 percent.
Burford is also going to reveal its detailed financials for the first half of the 2020 financial year next month, which will through some light on the company’s numbers and show if the stock rally is echoing the business performance.
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