Cereplast to seek US stock market exchange listing

08 January 2010 15:32  [Source: ICIS news]

TORONTO (ICIS news)--Cereplast plans to list its share on either the American Stock Exchange or the NASDAQ, the US producer of bio-based plastics said on Friday.

The move comes amid increasing global demand for bioplastics, which is expected to increase by 400% to 890,000 tonnes/year by 2013; in the US, the market could be worth $10bn (€7bn) by 2020, up tenfold from 2007, Cereplast said, citing industry forecasts.

Cereplast’s shares are currently traded on the OTC Bulletin Board, a regulated quotation service that displays prices and volume information in over-the-counter (OTC) equity securities generally not listed on a US national securities exchange.

To facilitate the planned stock exchange listing, Cereplast said it would implement a 1-for-40 reverse stock split of its OTC equities. It also hired a New York law firm to act as legal counsel to help with what Cereplast described as an “up-listing”.

Earlier this week, Cereplast told ICIS news is would expand its ability to supply Europe through an extended distribution agreement with US-based plastics supplier A Schulman.

($1 = €0.70)

Check out Doris de Guzman’s Green Chemicals blog for views on sustainability issues
To discuss issues facing the chemical industry go to ICIS connect

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly