Here’s why the Magnis (ASX:MNS) share price is rocketing 21% today

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The Magnis Energy Technologies Ltd (ASX: MNS) share price is surging higher today amid the company’s US listing and its chair’s re-election.

The company’s stock will be floating on the OTCQX Best Market tonight (Australian time).

Additionally, Magnis chair Frank Poullas kept his seat on the company’s board yesterday. That’s despite reports claiming he is the subject of an Australian Securities and Investments Commission (ASIC) probe.

At the time of writing, the Magnis share price is 61 cents, 20.79% higher than its previous close.

For context, the broader market is also in the green today. The S&P/ASX 200 Index (ASX: XJO) is up 0.7% while the All Ordinaries Index (ASX: XAO) has gained 0.74%.

Magnis share price soars on Tuesday

Tuesday is proving to be a good day for Magnis shareholders. The company’s share price is taking off despite no price-sensitive news having been released.

However, the company’s stock is getting ready to become more liquid tonight.

In a bid to simplify the process US-based investors must go through to get a hold in Magnis, the company is listing on the US OTC market at 1.30am AEDT. It will trade there under the ticker OTCQX: MNSEF.

The secondary listing could also inspire confidence in Magnis as the OTC upholds notoriously strict standards for companies listing on the exchange. Secondary listings also tend to increase the liquidity of a company’s stock.

On the new listing, Poullas commented:

We are seeing significant interest from investors in the US given our unique position as the largest shareholder in one of the largest lithium-ion battery plants in North America. We are privileged to be ringing the OTC Markets Opening Bell tonight.

Speaking of Poullas, more than 99.5% of Magnis’ shareholders voted for his re-election at the company’s annual general meeting yesterday.

The support came despite the Magnis share price being halted last week following reports Poullas is being investigated by ASIC.

The same report also claimed the watchdog hadn’t ruled out investigating Magnis as well, a claim Magnis denied.

However, the company didn’t go so far as to deny ASIC is looking into Poullas.

The post Here’s why the Magnis (ASX:MNS) share price is rocketing 21% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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