Ocean Thermal Energy Corporation (OTE Corp) has received an approval to upgrade its common stock from the Pink Open Market to the OTCQB Venture Market.
The OTCQB Venture Market, operated by OTC Markets Group, offers transparent trading in entrepreneurial and development stage companies that have met a minimum bid price test, are current in their financial reporting, and have undergone an annual verification and management certification process.
OTE Corp said its common stock will continue to trade under its existing ‘TDYSD’ symbol until June 22, 2017, when it will change to ‘CPWR’.
Jeremy P. Feakins, Chairman and CEO of OTE Corp, said: “We believe that the increased transparency that this upgrade enables will facilitate a more liquid market for our common stock, broaden our shareholder base, and enhance our overall credibility as we continue our work to bring OTEC and SWAC technology to millions of people around the world.”
The upgrade to OTCQB Venture Market follows the reverse merger into TetriDyn Solutions concluded last month.
OTE Corp is Pennsylvania-based company that develops projects based on ocean thermal clean energy conversion (OTEC), including clean hydrothermal energy plants, and seawater district cooling/seawater air conditioning (SWAC) cooling plants.
To remind, OTE Corp was granted the approval for the construction of an OTEC power plant in the Virgin Islands of the United States last year. The plant is expected to generate up to 15MW of power.