The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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Very comprehensive
Thanks Manifesto
I just had a look at the criteria to join Nasdaq..we do not meet it currently,
so no need to worry.
The regular bid price of shares of the company's stock at the time of listing must be at least $4.00. However, a company may qualify under a closing price alternative of $3.00 or $2.00 if the company meets varying requirements. Typically, there must be at least three (or four depending on the criteria) market makers for the stock.34
Companies must have a minimum of 1,250,000 publicly traded shares outstanding upon listing, excluding those held by officers, directors, or any beneficial owners of more than 10% of the company.
Companies must also have at least 450 round lot (i.e., 100 shares or more) shareholders, 2,200 total shareholders, or 550 total shareholders with 1.1 million average trading volume over the past 12 months.
Depending on the types of security listed and the company's size, an application fee of $5,000 to $25,000 could be assessed. Companies must also pay a fee based on the quantity of shares issued, which can range from $100,000 to $150,000. There are also several other fees, depending on the type of company, including an annual listing fee, small-cap fee for smaller companies, and fees for additional services or changes such as record-keeping and additional shares issued.567
In addition to the above requirements, financial standards need to be met, depending on the type of security being listed, which are outlined below.
Standard No. 1: Earnings
The company must have aggregate pre-tax earnings in the prior three years of at least $11 million, in the previous two years at least $2.2 million, and no single year in the prior three years can have a net loss.8
Standard No. 2: Capitalization With Cash Flow
The company must have a minimum aggregate cash flow of at least $27.5 million for the past three fiscal years, with no negative cash flow in any of those three years. Also, its average market capitalization over the prior 12 months must be at least $550 million, and revenues in the previous fiscal year must be $110 million, minimum.8
Standard No. 3: Capitalization With Revenue
Companies can be removed from the cash flow requirement of the second standard if their average market capitalization over the past 12 months is at least $850 million and revenues over the prior fiscal year are at least $90 million.8
Standard No. 4: Assets With Equity
Companies can eliminate the cash flow and revenue requirements and decrease their market capitalization requirements to $160 million if their total assets total at least $80 million and their stockholders' equity is at least $55 million.8
You usually get an equivalent value of the new shares. Similar to what happened with Silence Therapeutics recently.
What would happen to existing shareholders on the original exchange if they list on another in parallel?
But yes, you can have most US stocks inside your ISA.
You’d be able to sell and realise the gain inside the ISA. Presumably by the time any change of listing happened the big gains would already have been realised.
But I don’t think they’d give up their London listing.
I have US stocks in my H+L ISA
I think we would still keep our LSE listing if we apply to Nasdaq..It is
quite common to be on both...!
Anthony
Quick google search indicates we can have US stock in a. iSA - though I guess there may be limitations imposed by some platforms
IMHO...I would see an application to join Nasdaq as a clear signal
that the Board are not looking for a T/O anytime soon....
If they do want to go it alone I very much hope they will go to
Nasdaq and have a dual listing......Maybe move off ~AIM...Many funds
will not invest in AIM stocks .... But RM is always pretty clear with
shareholders on their plans going forward, so I hope we do not need to
second guess our next steps....I would be surprised if they have
the appetite to go it alone...They are mostly of an age when they
may want to retire and enjoy the rewards of years of research..
But RM will hopefully play the game....We can if we want to
unless you make me an offer I cannot refuse....£40-75...!!!
It may be jumping the gun, but I think our results will
be very carefully analysed before release...and I think approvals
will be granted possibly fast-tracked, so if I were a pharma
that was really keen to buy SNG out I may make an early bid
rather than wait for everything to be rubber-stamped..They
would have access to the data if they wanted to make a bid..
Who knows.....!!
Would be a shame for us folk here in the UK that have our shares in ISA'S . I believe you can't hold US stocks in a ISA.
I mentioned this a few weeks back and Welsh falcon rightfully pointed out that the company should be focusing absolutely everything on results and commercialisation.
That said, if they genuinely do want to go it alone, boosting the mcap as high as possible would certainly be a shrewd move and given size and risk appetite of the American PI market, could help keep the big pharma wolf from the door while scaling the business.
Seems to me there is an awful lot of preparation of focus certainly on the US market place yeah we have only trading on the OTC…. If this is preparing to operate as a business in its own right what are everyone’s thoughts on Switching markets to NASDAQ