MONTREAL – DAVIDsTEA Inc. (Nasdaq: DTEA), a leading tea merchant in North America, announced that the Company has been accepted for listing on the TSX Venture Exchange and that the Company’s common shares will commence trading on the TSXV on Monday, April 3, 2023 under the ticker symbol “DTEA”. The shares will trade on the TSXV in Canadian dollars. Shareholders will not be required to exchange their share certificates or take any other action in connection with the TSXV listing as there will be no change in the trading symbol or CUSIP for the shares.
DAVIDsTEA also announces that as a result of its listing on the TSXV, it intends to voluntarily delist its common shares from The Nasdaq Global Market and file a Form 25 with the U.S. Securities and Exchange Commission on or about April 7, 2023. As a result, the Company’s common shares are expected to cease trading on Nasdaq at the close of markets on Friday, April 14, 2023. During a two-week interim period from Monday, April 3 to Friday, April 14, 2023, DAVIDsTEA’s common shares will trade on both the TSXV and Nasdaq.
“Listing on a Canadian stock exchange makes sense for DAVIDsTEA,” said Frank Zitella, President and Chief Operating and Financial Officer of DAVIDsTEA. “We have significant brand awareness in Canada, all of our retail stores are in Canada and a majority of our revenues are generated in Canada. Additionally, a TSX Venture Exchange listing creates opportunities to reduce administrative and compliance costs without compromising investor confidence. Our shareholders in the United States and other U.S. investors will be able to trade DAVIDsTEA through the facilities of the TSX Venture Exchange,” added Mr. Zitella.
DAVIDsTEA offers a specialty branded selection of high-quality loose-leaf teas, pre-packaged teas, tea sachets, tea-related accessories and gifts through its e-commerce platform at www.davidstea.com, the Amazon Marketplace, its wholesale customers which include over 3,800 grocery stores and pharmacies, and 18 company-owned stores across Canada. The Company offers primarily proprietary tea blends that are exclusive to the Company, as well as traditional single-origin teas and herbs. The team’s passion for and knowledge of tea permeates the Company’s culture and is rooted in an excitement to explore the taste, health and lifestyle elements of tea. With a focus on innovative flavours, wellness-driven ingredients and organic tea, the Company launches seasonally driven “collections” with a mission of making tea fun and accessible to all. The Company is headquartered in Montréal, Canada.