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)

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By: Stefan Baumgarten
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