Vancouver-based Counterpath (TSXV:CCV) yesterday announced that its common stock will begin trading on Nasdaq July 11th.
The stock will trade under the symbol CPAH on the Nasdaq Capital Market, and will continue to trade under the symbol CCV on the TSX Venture Exchange.
Donovan Jones, Counterpath’s President and CEO said: “The listing on Nasdaq is a significant milestone for CounterPath and underscores our commitment to grow the company and increase our shareholder base,” adding: “As we build on the positive business momentum generated over the past year, we are very pleased to begin trading on Nasdaq and believe it will provide greater liquidity for our current shareholders and increased visibility for CounterPath and its innovative VoIP applications in the U.S. investment community.”
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Counterpath was founded in 2002, and came to public attention in 2007 when telecom legend Terry Matthews became its chairman, a role he maintains today. After years of building out its suite of patented softphone products, such as Bria and X-Lite (which became the most popular free softphone in the world in 2009 when it reached 340,000 downloads a month), the company’s revenue has begun to climb of late. Counterpath’s recently reported Q3 numbers were a record $3.5-million, which was an increase of 15% over the $3-million it reported in the same period a year prior.
For Matthews, Counterpath’s move follows a recent trend. In April of 2010, Ottawa-based Mitel, which Matthews founded in the 1970’s and had been private for nearly a decade after it was split into two in 2001, IPO’d on the Nasdaq under the symbol MITL. The offering, however, fell flat from the outset. The company’s price dropped from $14 to just over $2 by 2011, when a turnaround was initiated by current CEO Rich Mcbee. This past Wednesday, Mitel co-listed on the TSX.
A month after Mitel’s IPO, on May 28th 2010, another Matthews company, Dragonwave (TSX:DWI) co-listed on the Nasdaq, rocketing to nearly $14 a share before ultimately tailing off.
Counterpath will look to capitalize on a profile that has turned increasingly international. The company recently won the Most Innovative VoIP Product/Service for the iPad version of Bria from the British-based Internet Telephony Services Providers Association, and won 2011 Product of the Year from influential US-based industry publication Internet Telephony Magazine.
CounterPath is scheduled to ring the Nasdaq opening bell on July 11, 2012. On Friday, shares of the company on the TSXV closed even at $2.70.