Ignite’s New OTCQX BILZF Listing Skyrockets After CEO Dan Bilzerian Features Stock on Instagram & Twitter
BILZ Tells IIROC it Doesn’t Know Why Stock is Up After Shares Gets Halted
Until late last week, U.S. investors looking to purchase shares in Ignite International Brands (CSE: BILZ) (OTCQX: BILZF) could only do so on the over the counter gray market. The ‘gray sheets’ or ‘gray market’ is an unofficial market where securities trade that are not currently listed on the OTCQX, OTCQB or Pink Sheets. Market makers are not willing or able to post quotes on these OTC stocks due to a lack of investor interest, available company information or regulatory compliance. In Ignite’s case, they inherited the listing and have now filed the necessary paperwork in the United States to have its cross-listed OTC shares uplisted from the gray market to the OTC Markets’ highest tier OTCQX. The company also changed its U.S. ticker symbol from ‘IILBF’ to the more fitting ‘BILZF’.
In one of our previous articles, we mentioned that it would be wise for Ignite to take the necessary steps to uplist its shares from the Gray Sheets to the OTCQX. The reason being that a large portion of Ignite and CEO Dan Bilzerian’s social media followers are from the United States and this move would allow these followers to purchase shares in Ignite’s stock much easier. While it’s very easy for Canadian investors to buy U.S. listed shares in a company, the same can’t be said for U.S. based investors trying to buy Canadian listed shares. Traders with an ordinary U.S. brokerage account normally could not buy shares in Ignite’s CSE listed BILZ stock.
Last week’s move by Ignite to uplist to the OTCQX was a smart one as it officially opened the doors for all U.S. investors to buy stock in the company with ease should they choose. Bilzerian, who had previously been pretty quiet on social media when it came to Ignite’s stock posted two Instagram stories letting his U.S. followers know about Ignite’s approval to list on the OTCQX. In a simple yet professional post, Bilzerian also answered his U.S. fans’ nagging question of how they could invest in Ignite. A similar post was also made on Twitter with both social media accounts providing a direct link to the BILZF OTC Markets page.
We finally received approval for Ignite to trade in the United States on the OTC under the symbol BILZF https://t.co/8SxO5kJEXZ
— Dan Bilzerian (@DanBilzerian) September 20, 2019
With U.S. Pot Stocks the Hot Theme of 2021, Here’s Why Red White & Bloom Could Be One of the Cannabis Sector’s Top Performers
Normally, this type of event is merely a formality and won’t have an immediate impact on a company’s stock. The case of Ignite and Dan Bilzerian is a different story due to his massive social media audience. The stock reacted as many expected soaring in value as the floodgates opened allowing U.S. investors to finally access Ignite’s U.S. listed shares. As you can see from the chart below, BILZF skyrocketed over 260% this week alone. Shares of the U.S. listing reached an intra-day high of $4 USD today and was likely driven by inexperienced investors in a state of FOMO placing panicked market orders to buy the stock. BILZF has since pulled back but still closed trading today at $1.66 USD per share, up another 14.48% on the day. BILZF traded over 6 million shares today, a dramatic 10x increase from the previous day’s trading session.
Ignite did state in the past they were planning to make this move to the OTCQX and it seems it couldn’t have come at a better time with the majority of the cannabis sector in sell-off mode. All in all, it was the logical play for Ignite and will allow the company to tap into the largest capital pool in the world. Not only can U.S. retail investors now purchase shares in Ignite, so can institutional investors should the opportunity arise.
Rapid Rise Draws IIROC’s Attention
Ignite’s Canadian listed CSE shares were halted this morning for nearly two hours as a result of the stock’s recent spike in market activity. The company issued a statement soon after addressing the matter and stated the following:
“Ignite, at the request of IIROC, wishes to confirm that management is not aware of any corporate development, news or undisclosed material change in the affairs of Ignite or its operations that would account for the recent volatility in the market price of its securities.”
After considering all the facts, it would be reasonable to assume that Bilzerian’s social media posts highlighting Ignite’s new OTCQX listing were likely the main driver behind the stock’s meteoric rise. Should the company have disclosed this to IIROC? Let us know what you think on social media.
We’ll be keeping an eye on Ignite’s stock as well as Bilzerian’s social media accounts for any new developments.
Source: Barchart.com
Learn more about Ignite International Brands: Chart | Website | IR Website | Investor Deck
Also Read: TCI Insider Trading Report: Top Cannabis Stocks with Recent Insider Trading Activity
Follow TCI on Social Media: Facebook | Instagram | Twitter | LinkedIn | Investor Group
Follow Psychedelic Profits on Social Media: Facebook | Twitter | LinkedIn | Investor Group
The Most Anticipated U.S. Weed IPO of 2020 is Finally Here
Get Your Copy of The Ultimate Cannabis Investing Guide
Join the Discussion in the TCI Investor Group
Disclaimer: Ignite International Brands (CSE: BILZ) was previously a paid client of The Cannabis Investor.
Read More:
Featured ArticlesCannabis Stock NewsCannabis Industry ArticlesTechnical Analysis ArticlesWatch Cannabis Stock Videos
