Will the uplisting to Nasdaq raise new capital for First Phosphate?

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First Phosphate's Nasdaq Uplisting Will Not Raise New Capital

First Phosphate's American Depositary Receipts (ADRs) are set to be uplisted to the Nasdaq Global Market under the ticker symbol PHOS, effective August 10, 2026. This strategic move, however, does not involve a new offering of securities, meaning no additional shares will be issued and consequently, no new capital will be raised in connection with this transition. The company's common shares will continue to trade on other exchanges, including the OTCQX under FRSPF, the CSE under PHOS, and the FSE under KD0.
Transition to Nasdaq Global Market

Effective August 10, 2026, First Phosphate's Level 1 ADRs will be delisted from the OTCQX market and automatically converted into Level 2 ADRs, which will be readily tradeable on the Nasdaq Stock Exchange under the ticker symbol PHOS. This uplisting to Nasdaq Global Market as a Level 2 ADR is distinct from the company's existing listings on other exchanges, such as the OTCQX (FRSPF), CSE (PHOS), and FSE (KD0), and does not impact these other listings.
No New Securities or Capital Raised

It is important to note that the establishment of the Level 2 ADR program on Nasdaq does not constitute a new offering of securities. Therefore, no additional shares are being issued, and no capital is being raised as a direct result of this uplisting. The CUSIP for the ADRs is 33611D301, and the ISIN is US33611D3017.
Conversion of Common Shares to ADRs

For a period extending until December 31, 2026, participants have the opportunity to convert their First Phosphate common shares into ADRs at no cost. This conversion process is facilitated through The Bank of New York Mellon (BNY), which serves as the depositary bank for the First Phosphate ADR program. BNY manages the issuance and cancellation of ADRs based on instructions received from market participants.

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Will the uplisting to Nasdaq raise new capital for First Phosphate?

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