Shares in Loop Insights (MTRX) have jumped more than 50 per cent today after the company revealed its plans to upgrade its exchange listings.
The Vancouver-based provider of artificial intelligence and data-driven information said 2020 has been a period of "extraordinary growth" in terms of its technology stack, customer acquisitions, partnerships and sales pipeline.
While the company also said such success was no guarantee of future stability, its management team believes that there will be a continued increase in demand for its products.
As such, Loop Insights has unveiled an "Uplist Plan", which it hopes will attract a new cohort of institutional investors.
Initially, the company will apply to have its shares listed on the Toronto Stock Exchange, representing an upgrade from its current listing on the TSX Venture Exchange.
Should the move be successful, Loop Insights will then seek approval from the U.S. Securities and Exchange Commission to list on the Nasdaq exchange.
From its inception, the company's primary goal has been to become the first publicly-traded AI business that offers the ability to provide real-time data applications across in-store, e-commerce and m-commerce channels. With its recent successes, Loop Insights says it has achieved this goal and is now looking towards its next phase of growth.
"As a result of our immutable relevancy, high demand for Loop's products, pipeline growth, and ability to easily scale into a global marketplace that is in full press digital transformation, we expect a continued accelerated pace that now warrants an uplist and dual list strategy that will attract institutional investors commensurate with our anticipated profile in 2021 and far beyond," said Rob Anson, CEO of Loop Insights.
Loop Insights is currently up 50.35 per cent to C$2.15 per share at 10:55am EST.