Pinewood Applied sciences Group has began buying and selling on the OTCQX Finest Market which can open the door to US funding within the enterprise.
The brand new improvement falls consistent with Pinewood’s plans to develop within the US after buying synthetic intelligence (AI) specialist Seez.
The funding in Seez is a part of Pinewood’s plans to develop into the US market, in partnership with Lithia Motors.
Pinewood’s admission to the OTCQX market will present buying and selling for buyers within the US, guaranteeing they’ve entry to the identical degree of knowledge and disclosure accessible to buyers within the UK, however by way of US-facing platforms and portals.
The corporate’s extraordinary shares will proceed to commerce on the primary market of the London Inventory Alternate. No new extraordinary shares can be issued as a part of the graduation of buying and selling on OTCQX.
Invoice Berman, chief govt of Pinewood Applied sciences Group, stated: “Buying and selling on the OTCQX Market provides buyers within the US the chance to buy shares in Pinewood Automotive Intelligence extra simply.
“With the worldwide marketplace for vendor administration software program options fragmented, the Pinewood Automotive Intelligence platform capitalises on the common want for readability between buyer, vendor and producer.
“Strengthened by our partnership with Lithia, one of many largest automotive vendor teams within the US, we imagine Pinewood Automotive Intelligence is a compelling funding proposition that can proceed to ship important worth for shareholders.”
US dealership big Lithia Motors acquired the dealership teams owned by Pendragon, together with Stratstone, Evans Halshaw, California and Automobile Retailer in February 2024.
The deal additionally noticed Lithia purchase a significant shareholding in beforehand Pendragon-owned Pinewood, with the 2 companies establishing a US three way partnership underneath which Lithia will rollout Pinewood software program into its personal methods in addition to assist taking the product to market to encourage adoption by dealership rivals.
The three way partnership was key to the corporate’s success in rising its US operations the place the core automotive DMS and CRM purposes represent a $3.4 billion market.
