Investment Banks Helped OTC SmallCaps Raise $200 Million In 2018 Uplists


4 Investment Banks Helped OTC MicroCaps Uplist in Q4 2018

Uplisting from the OTC Markets to a senior US exchange, like the NASDAQ or NYSE American, is the goal of many smallcap 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 small & micro-caps, one of the most common paths to meeting listing criteria is obtaining a minimum level of shareholders equity. SmallCap issuers usually meet the shareholders equity threshold through a registered offering led by one or more investment banks.

In 2018, seventeen of the fifty-eight OTC Graduates worked with investment banks to complete significant equity raises in connection with their uplists to senior exchanges. Combined, these seventeen issuers raised over $200 million.

Below, we look at the issuers and investment banks involved in those three funding rounds.

Ticker Book-running Manager(s) Co-managers Amount Raised
Q1 2018
BLNK Joseph Gunnar & Co. The Benchmark Company $18,500,250
OPBK Keefe, Bruyette & Woods, Inc., A Stifel Company D.A Davidson & Co.  $22,000,000
Q2 2018
HSTD BTIG, LLC, Echelon Wealth Partners Inc.   – $14,100,000
BCML FIG Partners, LLC D.A. Davidson & Co. $58,000,000.00
AMBO The Benchmark Company, LLC   – $7,650,000.00
ONCY Ladenburg Thalmann & Co. Inc.   – $8,900,000.00
GRNQ Network 1 Financial Securities, Inc.   – $3,200,000.00
OPRX Lake Street Capital Markets   – $9,000,000.00
ARPO Guggenheim Securities Needham & Company, National Securities Corporation, H.C. Wainwright & Co.  $40,000,000.00
Q3 2018
SOLO The Benchmark Company, LLC, ThinkEquity Cuttone & Co. $10,000,000
SFET Chardan  — $7,335,000
AEYE B. Riley FBR  — $6,500,000
FVBC Sandler O’Neill + Partners, L.P., Raymond James & Associates, Inc.  — $35,000,000
BSGM Laidlaw & Co   – $4,250,000
Q4 2018
AVCO Boustead Securities, LLC $7,551,012
CREX A.G.P./Alliance Global Partners The Benchmark Company LLC $10,000,000
DTSS ViewTrade Securities, Inc. $5,800,000

Q1 2018 OTC Uplists

Blink Charging Co. (NASDAQ: BLNK)

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.



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.


Q2 2018 OTC Uplists


Helius Medical Technologies, Inc. (Nasdaq: HSTD)

On April 11, 2018, HSTD uplisted from the OTCQB to the Nasdaq Capital Market. Helius Medical Technologies is a medical technology company focused on neurological wellness. Upon uplisting to the Nasdaq, HSTD closed a $14 million public offering. BTIG, LLC and Echelon Wealth Partners Inc. acted as joint book-running managers for the offering.

Learn more HERE.


BayCom Corp. (Nasdaq: BCML)

On May 4, 2018, BCML uplisted from the OTCBB to the Nasdaq Global Select Market. BCML, through its wholly owned operating subsidiary, United Business Bank, offers a full-range of loans, including SBA, FSA and USDA guaranteed loans, and deposit products and services to businesses and its affiliates in California, Washington and New Mexico.

In connection with the uplisting, BCML completed a $58 million underwritten public offering. FIG Partners, LLC acted as lead book-running manager with D.A. Davidson & Co. as joint book-running manager for the offering.

Learn more HERE


Ambow Education Holding Ltd. (NYSE American: AMBO)

On June 1, 2018, AMBO uplisted from the OTC to the NYSE American. Ambow Education Holding Ltd. is a leading national provider of educational and career enhancement services in China, offering high-quality, individualized services and products.

Upon uplisting to the NYSE American, AMBO closed a $7,650,000 public offering. The Benchmark Company, LLC acted as the sole book-running manager and representative of the underwriters of this offering.

Learn more HERE.


Oncolytics Biotech Inc. (Nasdaq: ONCY)

On June 1, 2018, ONCY uplisted from the OTCQX to the Nasdaq Capital Market. Oncolytics is a biotechnology company developing REOLYSIN, also known as pelareorep, an intravenously delivered immuno-oncolytic virus.

Upon uplisting to the Nasdaq, ONCY completed a $8.9 million public offering. Ladenburg Thalmann & Co., acted as the sole book-running manager in connection with the Offering.

Learn more HERE.


Greenpro Capital Corp. (Nasdaq: GRNQ)

On June 13, 2018, GRNQ uplisted from the OTCQB to the Nasdaq Capital Market. GreenPro Capital Corp. is one of the fastest growing financial services company in Asia Pacific.

Upon uplisting to the Nasdaq, GRNQ closed a public offering of $3.2 million. Network 1 Financial Securities, Inc. acted as the placement agent for the offering.

Learn more HERE


OptimizeRx Corp. (Nasdaq: OPRX)

On June 22, 2018, OPRX uplisted from the OTCQB to the Nasdaq Capital Market. OptimizeRx is one of the nation’s leading providers of digital health messaging via electronic health records (EHRs), providing a direct channel for pharma companies to communicate with healthcare providers.

One month prior to uplisting, OPRX completed a $9 million private placement. Lake Street Capital Markets acted as the sole placement agent, and B. Riley FBR and ROTH Capital Partners acted as advisors to the transaction.

Learn more HERE


Aerpio Pharmaceuticals, Inc. (Nasdaq: ARPO)

On June 26, 2018, ARPO uplisted from the OTCQB to the Nasdaq Capital Market. Aerpio Pharmaceuticals, Inc. is a biopharmaceutical company focused on advancing first-in-class treatments for ocular diseases.

In connection with the uplist to the Nasdaq, ARPO completed a $40 million public offering. Guggenheim Securities acted as book-running manager for the offering. Needham & Company acted as lead manager, and National Securities Corporation and H.C. Wainwright & Co. acted as co-managers for the offering.

Learn more HERE


Q3 2018 OTC Uplists

Electrameccanica Vehs Corp (Nasdaq: SOLO)

On August 9, 2018, SOLO uplisted from the OTCQB to the Nasdaq Capital Market. Electra Meccanica is a designer and manufacturer of electric vehicles. The Company builds the innovative, all-electric SOLO, a single passenger vehicle developed to revolutionize the way people commute, as well as the Tofino, an elegant high-performance two seater electric roadster sports car.

Upon uplisting to Nasdaq, SOLO completed a public offering of $10 million. The Benchmark Company, LLC and ThinkEquity, a division of Fordham Financial Management, Inc., acted as joint book-running managers and Cuttone & Co., LLC acted as co-manager for the offering.


Safe-T Group Limited (Nasdaq: SFET)

On August 17, 2018, SFET uplisted from the OTCQB to the Nasdaq.  SFET  is a leading provider of software-defined access solutions which mitigate attacks on enterprises’ business-critical services and sensitive data.

Upon uplisting to Nasdaq, SFET completed a $7.335 million underwritten public offering. Chardan acted as the sole book-running manager for the offering.


AudioEye, Inc. (Nasdaq: AEYE)

On September 4, 2018, AEYE uplisted from the OTCQB to the Nasdaq Capital Market. AudioEye is a technology company serving businesses committed to providing equal access to their digital content.

About one month prior to uplisting, AEYE raised $6.5 million in a private placement. B. Riley FBR, Inc. acted as sole placement agent for the offering.


FVCBankcorp, Inc. (Nasdaq: FVCB)

On Septemebr 14, 2018, FVCB uplisted from the OTCQX to the Nasdaq Capital Market. FVCbank is a $1.1 billion Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Washington, D.C., metropolitan and Northern Virginia area.

In connection with the uplisting, FVCB sold 1,750,000 shares of its common stock at a public offering price of $20.00 per share, resulting in gross proceeds of $35.0 million. Sandler O’Neill + Partners, L.P. and Raymond James & Associates, Inc. acted as the joint book-running managers in the offering.


BioSig Technologies, Inc. (Nasdaq: BSGM)

On September 21, 208, BSGM uplisted from the OTCQB to the Nasdaq Capital Market. BioSig Technologies is a medical technology company developing a proprietary biomedical signal processing platform designed to improve the electrophysiology (EP) marketplace.

One month prior to uplsiting, BSGM completed a $4.25 million private placement. Laidlaw & Co. (UK) Ltd. in New York participated in the private placement.


Q4 OTC Uplists

Avalon GloboCare Corp. (NASDAQ: AVCO)

On November 5, 2018, AVCO uplisted from the OTCQB to the Nasdaq Capital Market. Avalon GloboCare is a global intelligent biotech developer and healthcare service provider dedicated to promoting and empowering high impact, transformative cell-based /technologies and their clinical applications, as well as healthcare facility management through its core platforms, namely “Avalon Cell” and “Avalon Rehab.”

In preparation for its listing on the Nasdaq, Avalon (i) closed a private placement offering in the aggregate amount of $5,437,250, whereby the Company sold 3,107,000 shares of common stock at a price per share of $1.75, and (ii) closed a $2,113,762.50 underwritten public offering of the Company’s common stock at price per share of $2.25. Boustead Securities, LLC acted as the Company’s placement agent and underwriter for these offerings.


Creative Realities, Inc. (Nasdaq: CREX)

On November 15, 2018, CREX uplisted from the OTCQB to the Nasdaq Capital Market. Creative Realities helps retailers and brands use the latest technologies to inspire shopper engagement in and around the Store.

In connection with its uplist to the Nasdaq, Creative Realities closed a $10,000,000 underwritten public offering, consisting of 2,857,142 shares of common stock and warrants to purchase 1,428,571 shares of common stock at the combined public offering price of $3.50 per share. The warrants have a per share exercise price of $4.375, subject to adjustment, are exercisable immediately and will expire five years (5) from the date of issuance. A.G.P./Alliance Global Partners acted as the sole book-running manager for this offering. The Benchmark Company LLC acted as co-manager.



On December 19th, 2018, DTSS uplisted from the OTCQB to the Nasdaq. Datasea is a technology company in China engaged in the development of information technology (or IT) systems and network security solutions.

In connection with the uplisting, DTSS completed an underwritten public offering of 1,450,000 shares of common stock at a public offering price of $4.00 per share for gross proceeds of $5.8 million, before underwriting discounts and commissions and offering expenses. ViewTrade Securities, Inc. acted as the Sole Underwriter and Sole Book-Running Manager for the offering.


This post’s data was provided by Acquis Capital, LLC. Learn more at


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