By Brazil Stock Guide – Brava Energia S.A. (B3: BRAV3) said its Level-1 American Depositary Receipt program was declared effective by the U.S. Securities and Exchange Commission on Dec. 1, enabling the utility’s shares to be traded in the U.S. over-the-counter market under the ticker BVENY US. The move signals the company’s push to broaden its investor base outside Brazil.
Structure and Trading
JPMorgan Chase Bank will act as depositary for the program. Each ADR will represent one common share of Brava Energia, and investors wishing to receive ADRs must contact the depositary through their brokers in accordance with the deposit agreement and regulatory procedures.
The company said the program is designed to enhance liquidity, increase exposure in international markets and create a direct interface with U.S. investors. Brava joins other Brazilian issuers opting for Level-1 programs as a low-friction route to global access.
The decision comes as the company’s shares have fallen 41% on B3 this year, heightening its push to access a wider global investor base. Brava Energia was created from the merger of Enauta and 3R Petroleum, combining portfolios of mature assets and operational capabilities in oil and gas production. The company positions itself as a specialist in reservoir management, revitalization of producing fields, and capital allocation focused on recovery efficiency.
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