The share price of MGC Pharma (LON: MXC) has continued to surge in the days since its admission to trading on the London Stock Exchange.
Being the first cannabis-sector company to IPO on the main market of the LSE, dual-listed MGC raised £6.5m through an oversubscribed placing at 1.475p per share as announced on 9 Feburary.
In the short days since its listing, shares in MXC have soared to 4.15p – adding another 50 percent by early afternoon trading today.
Commenting on the listing was Roby Zomer, CEO and MD of MXC who noted that the funds will allow the business to gear up the operations of the business:
“Today’s listing is a hugely significant moment for MGC Pharma, our admission to LSE follows the successful IPO capital raising of £6.5 million which will be used to immediately commence the priority clinical research trials of our leading products, expand our distribution network into key sales markets, as well as advance the construction of our manufacturing facilities in Malta.
“We are proud to make history as the first medical cannabis company on this historic Exchange. I would like to thank the MGC Pharma team and the advisors for all their hard work to make this happen. We look forward to updating our new and existing shareholders as we progress this programme.”
The code for MGC is MXC on both the ASX and LSE.
An investor presentation is due by the business tomorrow.