Once again, we can thank 4C on the hub for this po
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Posted On: 09/11/2020 8:30:12 AM
Once again, we can thank 4C on the hub for this post:
Once an S-1 for a Direct Listing is deemed ‘effective’ by NSDQ, it's actually up to the listing company to select the date when they would like to go ‘live’ on the exchange.
Doc listing without some kind of Investor Day would be very high risk - even if he doesn’t need the cash - he would still need buyers and sellers to generate demand and volume on open, especially as he would need to hit a minimum PPS in short time period to meet the requirements of NSDQ and remain on the exchange. Remember, unlike a traditional IPO there would be no ‘book’ of institutional interest prior to opening - and also take into account there are no 'new' shares issued - so Doc would have to effectively 'create the market’.
Given that he would have to publicly file a Registration Statement 15 days ahead of any 'investor' event, then a week or two to host the event, generate institutional interest, and file an 8-A to register under the SEC in order to permit trading on the NSDQ. If I had to guess, I'd say we are at least 4-6 weeks out - and that is only IF the application has already been submitted and was filed confidentially.
All of the above is completely dependent on the initial S-1 filing being accepted by the exchange in the first place - Spotify and Slack already had double figure share valuations in the secondary private market, whereas UNVC has a very low valuation on the publicly traded OTC.
This itself could prove to be the biggest challenge for UNVC to overcome - as the upper exchanges and the SEC are highly adverse to risk.
Once an S-1 for a Direct Listing is deemed ‘effective’ by NSDQ, it's actually up to the listing company to select the date when they would like to go ‘live’ on the exchange.
Doc listing without some kind of Investor Day would be very high risk - even if he doesn’t need the cash - he would still need buyers and sellers to generate demand and volume on open, especially as he would need to hit a minimum PPS in short time period to meet the requirements of NSDQ and remain on the exchange. Remember, unlike a traditional IPO there would be no ‘book’ of institutional interest prior to opening - and also take into account there are no 'new' shares issued - so Doc would have to effectively 'create the market’.
Given that he would have to publicly file a Registration Statement 15 days ahead of any 'investor' event, then a week or two to host the event, generate institutional interest, and file an 8-A to register under the SEC in order to permit trading on the NSDQ. If I had to guess, I'd say we are at least 4-6 weeks out - and that is only IF the application has already been submitted and was filed confidentially.
All of the above is completely dependent on the initial S-1 filing being accepted by the exchange in the first place - Spotify and Slack already had double figure share valuations in the secondary private market, whereas UNVC has a very low valuation on the publicly traded OTC.
This itself could prove to be the biggest challenge for UNVC to overcome - as the upper exchanges and the SEC are highly adverse to risk.
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