Douugh commences trading in the US on the OTC Markets to capitalise on investor demand

  • Following strong interest from US based customers and investors, Douugh is pleased to announce it has commenced trading on OTC Markets under the code DOUUF.

  • With the US being Douugh’s core market, this is the first step to accessing a deeper pool of retail and institutional investors, prior to a potential dual listing on the NASDAQ in the future.

  • With a key long-term growth driver for Douugh being word of mouth facilitated through its soon to be launched in app member-get-member feature, enabling customers to become owners is another important initiative to accelerate its viral coefficient and lower its CAC.

Sydney|New York, 17 February 2022 -- Douugh Ltd (ASX: DOU) & (OTCQB: DOUUF), the banking super app helping customers budget, save and invest to live financially healthier lives, is pleased to announce that its application to dual list on the OTCQB Market in the United States has been accepted and the Company’s shares are now traded under the code OTCQB: DOUUF.

The Company’s primary listing continues to be on the Australian Securities Exchange (“ASX”), with its shares dual-listed on the OTCQB Market. The OTCQB listing aims to provide current and potential North American investors with appropriate visibility, accessibility and liquidity to invest in the Company. Three key advantages for North American investors are:

  1. Trades and settlements are in US Dollars (USD);

  2. Trading in the North American time zone; and

  3. The OTCQB share is the same class of Ordinary Share to ASX traded stock (ASX: DOU), not a synthetic. The share registry is still maintained by Automic Group in conjunction with a US Transfer Agent.

From the Company’s perspective, it is provided access to one of the largest investment markets in the world at nominal cost, with no additional compliance requirements, compared to traditional major exchanges. 

Commenting on the Company’s OTCQB Market listing, Douugh’s Founder and CEO Andy Taylor said:

“Douugh’s first market is the US and this step has been taken to capitalise on increased investor demand from US based customers and investors. The Board believes that this dual listing will support our efforts to rapidly scale up our operations, whilst not impacting our existing obligations on the ASX. The OTCQB listing could bring other potential benefits, such as enhanced liquidity and direct market comparisons to US-based competitors, many of which are now becoming publicly traded.”

“Many smaller US funds (often considered large by Australian standards) are unable or unwilling to buy directly into an overseas market. Many US retail investors are also virtually locked out of trading shares of Australian issuers unless those companies have a US ticker symbol that can be purchased in US dollars during US market hours. This listing facilitates these parties potentially becoming Douugh shareholders.” 

About Douugh

Douugh is a banking super app on a mission to help customers budget, save and invest their money to live financially healthier lives. Douugh was launched in Nov 2022 by Andy Taylor, Co-founder of SocietyOne. 

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ASX Release approved by the CEO on behalf of the Board.