Four Investment Banks Helped OTC MicroCaps Uplist in Q1 2018
Uplisting from the OTC Markets to a senior US exchange, like the NASDAQ or NYSE American, is the goal of many microcap public companies trading on the OTC Markets. About one hundred out of the thousands of issuers listed on the OTC make the jump every year.
To uplist to a senior exchange issuers must meet a series of listing criteria. For microcaps, one of the most common paths to meeting listing criteria is obtaining a minimum level of shareholders equity. MicroCap issuers usually meet the shareholders equity threshold through a registered offering led by one or more investment banks.
In the first quarter of 2018, two of the fifteen OTC Graduates worked with investment banks to complete significant equity raises in connection with their uplists to senior exchanges. Combined, these three issuers raised $40.5 million.
Below, we look at the issuers, investment banks, and investment terms of those two funding rounds.
|Ticker||Book-running Manager(s)||Co-managers||Amount Raised||Offer Price|
|BLNK||Joseph Gunnar & Co.||The Benchmark Company||$18,500,250||Units of 2 warrants & 1 common shares for $4.25|
|OPBK||Keefe, Bruyette & Woods, Inc., A Stifel Company||D.A Davidson & Co.||$22,000,000||1 common share for $11.00|
Blink Charging Co. (NASDAQ: BLNK) uplisted from the OTC to the Nasdaq in the first quarter of 2018. With Joseph Gunnar & Co. acting as sole book-running manager and The Benchmark Company acting as a co-manager for the offering, BLNK closed an underwritten public offering of 4,353,000 units, each unit consisting of one share of common stock and two warrants each to purchase one share of common stock for a total raise of $18,500,250.
Learn more HERE.
OP Bancorp (NASDAQ: OPBK) uplisted from the OTCQB to the Nasdaq in the first quarter of 2018. With Keefe, Bruyette & Woods, Inc., A Stifel Company, acting as book-running manager and D.A Davidson & Co. acting as a co-manager for the offering, OPBK closed a public offering of 2,000,000 shares of common stock for a total offering size of $22,000,000.
Learn more HERE.
This post’s data was provided by Acquis Capital, LLC. Learn more at www.acquiscapital.com