Adcore, a Tel Aviv-based maker of ad-tech solutions for e‑commerce, said that its stock had graduated from the Toronto Stock Exchange (TSX), the first Israeli company to advance from TSX’s smaller Venture Exchange market for growth companies (TSXV) to the premier Canadian market. The company’s stock has grown by some 550% since its IPO in May 2019, it said.
The company’s product line enables e‑commerce sites and advertisers to increase customer acquisition and retain existing customers, it said. Adcore has benefited from a dramatic rise in e-commerce activity and digital transformation worldwide, both accelerated by the global COVID-19 pandemic, it noted.
Adcore is now the only Israeli company to list on the larger TSX exchange, although medical device company Intercure is expected to join via SPAC in the future, a spokesperson said. Some 15 Israeli companies are now traded on the TSXV, she noted.
“We’re proud to be the first Israeli company to break through to the TSX, one of the world’s largest and leading public exchanges,” said Adcore founder Omri Brill. “The company was listed at a C$28 million market cap, and has increased since then to more than C$150 million as of today. I’m sure that our step will pave the way for more Israeli companies to follow. Listing on Toronto’s big board stock exchange gives us access to institutional investors and other international investors, and it broadens our exposure to capital markets.”
“We’re proud to see Adcore becoming the first Israeli company to take the step of graduating to Toronto Stock Exchange,” said Yossi Boker, head of business development in Israel for the Toronto Stock Exchange. “Adcore’s example clearly illustrates the advantages of TSXV as a springboard to Toronto’s primary stock exchange, which is among the leading world’s exchanges. Considering the strong performance of Israeli companies that have gone public in Toronto, I expect to see more issuers graduating to TSX in the near future.”
The company will retain the same ticker symbol, ADCO, and shareholders aren’t required to take any other action, Adcore said.