Uplisting to a Senior Exchange – Review of Uplistings in 2018

Uplis Series

Uplisting to a Senior Exchange – Review of Uplistings in 2018

58 companies uplisted to a senior exchange in 2018. Of such companies, a total of 36 companies uplisted to NASDAQ Capital Markets, 10 uplisted to NASDAQ Global Select and 12 uplisted to NYSE American. Such companies uplisted from various marketplaces including 30 from the OTCQB, 12 from the OTCQX and 16 from the OTC Pink Current.

In order to Uplist to a senior exchange companies must meet a series of listing criteria. For small and micro-cap companies, one of the most common paths to meeting the Uplisting criteria for either NASDAQ or NYSE is obtaining a minimum level of shareholders equity. The listing criteria does not require that a company undertake a registered offering or any other type of financing in order to Uplist to a senior exchange. However, many companies meet the shareholders equity threshold through a registered offering led by one or more investment banks. In 2018, seventeen of the fifty-eight companies that uplisted worked with investment banks to complete significant equity raises in connection with their uplists to senior exchanges. Combined, these seventeen companies raised over $200 million.

Some of the investment bankers who lead registered offerings in conjunction with an Uplisting included Benchmark Securities, Joseph Gunnar, Think Equity, Network 1, Ladenberg Thalmann, HC Wainwright, Needham, Guggenheim, Chardan, Boustead, Laidlaw and Alliance Global Partners.

During 2018, we assisted on the following Uplistings from the OTC Marketplace to NASDAQ Capital Markets:

Blink Charging Co. (NASDAQ: BLNK) uplisted from the OTCQB to the Nasdaq Capital Markets in the first quarter of 2018. Joseph Gunnar & Co. was the book-running manager and Benchmark Company acting as a co-manager for the offering. Simultaneous with the Uplisting, the Company undertook 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.

ElectraMeccanica Corp. (NASDAQ: SOLO) uplisted from the OTCQB to NASDAQ Capital Markets on August 9, 2018. Simultaneous with the 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.

Avalon Globocare Corp. (NASDAQ: AVCO) uplisted from OTCQB to NASDAQ Capital Markets on November 5, 2018, Prior to the Uplisting, 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.

As these examples indicate there are many ways for a company to complete an Uplist and various reasons for doing so. Some are completed as part of a simultaneous capital raise and some are just to provide the company with additional liquidity and market support. In the event that the Company needs to raise capital as part of the Uplisting, we can introduce you to the investment bankers to assist you with your capital raise.


About Todd Heinzl:

Currently Managing Director of The Governance Box (GBX) and UpListing.com, Todd Heinzl holds over 25 years of experience in the investment and financial services industry. With a focus on assisting globally minded micro and small cap companies achieve up-listing results for their shareholders, UpListing.com offers CEO’s and their Board of Directors uplist strategic plans, through collaboration, in the development and implementation of effective uplist strategy and governance policy. As managing director of both financial advising enterprises, Mr. Heinzl works with companies from a variety of industries with a focus on their corporate governance and subsequently to facilitate their uplisting to senior exchanges such as NASDAQ and NYSE American. Mr. Heinzl is a member in good standing with the National Association of Corporate Directors (NACD), European Corporate Governance Institute (ECGI), and the Royal Canadian Military Institute (RCMI).

Mr. Heinzl is also a regular PubCoCEO.com contributor and author of our Uplisting Series in which he describes the process and benefits of Uplisting from the OTC Markets to a Senior Exchange. You can view each part of the Uplisting Series via the links below.

Click this link to see Uplist Series Part I: UpListing to a Senior Exchange in 2018

Click this link to see Uplist Series Part II: Corporate Governance

Click this link to see Uplist Series Part III: Investment Banking

Click this link to see Uplist Series Part IV: Seven Benefits of Uplisting To A Senior Exchange

Click this link to see Uplist Series Part V: Recent Examples of Uplists From The OTC

The views & opinions expressed in any guest post featured on our site are those of the guest author and do not necessarily reflect the opinions & views of PubCoCEO.com or the community as a whole.

If you would like to share a guest post on PubCoCEO.com, Contact Us.

This post is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem.


Leave a Reply