May. 27 at 10:49 AM
$GRO Brazil Potash launches its Brazilian Depositary Receipts on B3 stock exchange
Brazil Potash announced the successful launch of its Brazilian Depositary Receipts, or BDRs, on the B3 - Brasil, Bolsa, Balcao Brazil's main stock exchange. The BDRs have been approved for listing on B3 and will begin trading on May 26 under the ticker symbol GROP31. The BDR program will allow Brazilian investors to directly participate in the ownership of Brazil Potash, which is developing the strategic Autazes Potash Project in Amazonas state.
This domestic investment opportunity aligns with Brazil's National Fertilizer Plan, which aims to reduce the country's dependence on fertilizer imports from 85% to 45% by 2050. The BDRs will be backed by Brazil Potash's common shares, which will continue to trade on the NYSE American exchange under the ticker symbol "GRO." Each BDR will represent 1:1 of a common share of the Company.
Banco Bradesco S.A. will serve as the depositary institution for the BDR program. The BDRs are being issued as Sponsored Level I BDRs, governed by CVM Instruction 332, CVM Instruction 480, and the B3 Issuers Regulation and Manual.
