Aphria (APHA) - Get Report shares rose Tuesday, after the Canadian marijuana producer announced it’s switching its U.S. stock listing to the Nasdaq from the NYSE, apparently to save money and because of Nasdaq’s focus on socially responsible investing.
"This move is a reflection of our ongoing commitment to find cost effective ways of operating so we can continue to deliver long-term value to shareholders," Aphria CEO Irwin Simon said in a statement.
"Additionally, as a purpose driven Company, we believe Nasdaq will be a good fit for Aphria, particularly given our focus on, and the progress we have made, integrating ESG practices across our business."
The development made Nasdaq happy, of course. "With over 76% of Nasdaq-listed companies reporting on at least one ESG metric, we welcome Aphria to the Nasdaq family as they strive to integrate ESG best practices across their business,” Bob McCooey, Nasdaq’s global head of capital markets, said in the statement.
The move will take place after the June 5 close, and Aphria will begin trading on the Nasdaq with its same ticker APHA on June 8.
Last month, Aphria reported a surprise fiscal third-quarter profit and sales that were twice that of analysts’ forecasts.
It swung to earnings of C$4.96 million ($3.53 million), or 2 cents a share, vs. a loss of C$108.27 million, or 43 cents a share, a year ago.
Revenue rose to C$144.42 million ($102.8 million) from C$73.58 million ($53.2 million).
Aphria’s stock stood at US$4.20, up 3.96% in pre-market trading on Tuesday. It has gained 5% over the past three months.