Grande West Announces Share Consolidation and Name Change to Vicinity Motor Corp.
Over the course of the past months, the YouTube channel Rich Tv Live has emerged as one of the more popular resources of information for retail investors. The channel analyses the latest breaking news in the markets and also and also provides key information to individual companies on a regular basis.
As such it is easy to see why it has become so popular. The simple reason is that RichTV provides reliable information on a daily basis and nowadays when it publishes a video, it is generally watched closely by its subscribers. In one of the videos published by the company in February, the RichTV analyst looked into the electric bus manufacturing company Grande West Transportation Group (TSXV:BUS)(OTCQX:BUSXF)(FRA:6LG).
The video looked into the company’s move with regards to share consolidation and also a change of name to Vicinity Motors Corp. These are all vital changes and it was not really a surprise that the news was dissected on RichTV.
After all, the channel has followed the company for quite a while. The company announced that it is going to hold a shareholders’ meeting on March 21 in which it is going to look for approval with regards to the consolidation of share capital. The consolidation of share capital has apparently become necessary as part of the company’s efforts to uplist to the NASDAQ exchange.
The potential move to NASDAQ could be a major step for the company since it is going to open up the company to a much larger pool of investors and theoretically much more money could flow into the stock. Additionally, it will be visible to many intuitional investors as well.
However, this is not the only change that Grande West went for with the potential NASDAQ listing in mind. The company also announced that it changed its name to Vicinity Motors. However, the exact reason why they chose this particular name was not specified in the press release.
The company is involved in a high-growth industry and any kind of uplisting could open prove to be a big boost to existing shareholders in Grande West. Last but not the least, investors should not the share consolidation move is going to be effective once the documents have been filed with the TSX Venture Exchange and the Registrar of Companies.
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