Hanoi-headquartered Cavico Corp, a major infrastructure development company, announced Sep. 18 that it was permitted to list its common stocks on the NASDAQ Capital Market, becoming the first Vietnamese listed in the U.S.
|Hydropower development is a business area of Cavico Corp.|
The stocks were traded under the code CAVO starting the same day, according to the company, which was founded in 2000.
“We are extremely proud to be the first Vietnamese company to be approved for listing on a U.S. national securities exchange and are gratified to have reached this significant milestone in the company’s history,” Cavico chief executive officer Bui Quang Ha said in a statement.
“Cavico has consistently communicated to shareholders its intention to obtain a listing for its securities on a U.S. national securities exchange,” he added.
“We believe this will provide greater visibility and liquidity for our stock and that this accomplishment demonstrates to our shareholders our commitment to meeting the goals and objectives set forth by management.”
According to him, his company determined that the NASDAQ Capital Market was the best fit for it “following a comprehensive evaluation of all U.S. exchanges.”
NASDAQ is the largest U.S. equities exchange, with about 3,200 member-companies. Nasdaq-listed companies are leaders across all areas of business including industrials, technology, retail, communications, financial services, transportation, media, and biotechnology.
Cavico said Rodman & Renshaw LLC, a full service investment bank dedicated to providing corporate finance, strategic advisory and related services to companies, acted as the investment advisor to Cavico in connection with its listing on NASDAQ.
Meanwhile, Sichenzia Ross Friedman Ference LLP, leading securities law firm specializing in small and mid-cap public companies, represented Cavico in connection with its listing on the exchange.
Cavico says it employs more than 3,000 workers on projects worldwide, with offices throughout Vietnam and a satellite office in Australia.