- Novo Integrated Sciences climbed nearly tenfold Wednesday with its move to the Nasdaq Capital Market.
- The company sees “significant future growth potential” from the exchange “uplift”.
- Novo Integrated currently generates revenue from its Canadian subsidiary.
- Visit the Business section of Insider for more stories.
Novo Integrated Sciences shares soared Wednesday after the healthcare services provider’s move onto the Nasdaq Capital Market.
The shares had been trading on the over-the-counter market before the company worked its way into Nasdaq. The stock jumped as much as 878% to $39.03 during premarket trade Wednesday before paring the gain to 185% at around $11.40 during the regular session. The stock overcame a 0.3% slip on Tuesday after moving onto the exchange.
The company’s health care services include telemedicine, physiotherapy and massage therapy.
“The uplist to The Nasdaq Capital Market creates the opportunity for the company to have more visibility from a much broader pool of investors and, in turn, increased liquidity,” said Novo Integrated Chief Executive Robert Mattacchione in a statement, adding that it also sees “significant future growth potential” from the change.
Novo Integrated said it currently generates revenue solely through its Canadian subsidiary, Novo Healthnet Ltd., which runs clinics and eldercare-related operations.