Pinewood Technologies Group has began trading on the OTCQX Best Market which can open the door to US investment within the business.
The brand new development falls in keeping with Pinewood’s plans to expand within the US after acquiring artificial intelligence (AI) specialist Seez.
The investment in Seez is a component of Pinewood’s plans to expand into the US market, in partnership with Lithia Motors.
Pinewood’s admission to the OTCQX market will provide trading for investors within the US, ensuring they’ve access to the identical level of knowledge and disclosure available to investors within the UK, but through US-facing platforms and portals.
The corporate’s atypical shares will proceed to trade on the important market of the London Stock Exchange. No latest atypical shares might be issued as a part of the commencement of trading on OTCQX.
Bill Berman, chief executive of Pinewood Technologies Group, said: “Trading on the OTCQX Market offers investors within the US the chance to buy shares in Pinewood Automotive Intelligence more easily.
“With the worldwide marketplace for dealer management software solutions fragmented, the Pinewood Automotive Intelligence platform capitalises on the universal need for clarity between customer, dealer and manufacturer.
“Strengthened by our partnership with Lithia, one among the biggest automotive dealer groups within the US, we imagine Pinewood Automotive Intelligence is a compelling investment proposition that may proceed to deliver significant value for shareholders.”
US dealership giant Lithia Motors acquired the dealership groups owned by Pendragon, including Stratstone, Evans Halshaw, California and Automotive Store in February 2024.
The deal also saw Lithia acquire a significant shareholding in previously Pendragon-owned Pinewood, with the 2 firms establishing a US three way partnership under which Lithia will rollout Pinewood software into its own systems in addition to support taking the product to market to encourage adoption by dealership rivals.
The three way partnership was key to the corporate’s success in growing its US operations where the core automotive DMS and CRM applications constitute a $3.4 billion market.
This Article First Appeared At www.am-online.com
