Sezzle Plans Direct Listing on Nasdaq

Sezzle Plans Direct Listing on Nasdaq

Source Node: 2017107

Payment platform Sezzle is planning a direct listing on the Nasdaq. Shares would also continue to trade on the Australian Securities Exchange (ASX). The company said it further intends to remove the Foreign Ownership Restricted (FOR) United States (US) person prohibited tag from the CDIs in advance of the Nasdaq listing. The FOR US prohibited tag has effectively prevented CDIs from being sold on the ASX to US citizens, unless an exemption was available.

To satisfy the minimum $4 bid price required by the Nasdaq, the company’s board has approved, subject to stockholder approval, a reverse split of the common stock. Pending shareholder approval, Sezzle anticipates the reverse split will be made in advance of the direct listing to meet or exceed the minimum bid price.

According to a proxy on the reverse split, the company’s authorized capital stock currently consists of 750 million shares of common stock, 300 million shares of common prime stock, and 750 million shares of preferred stock. The reverse stock split will not change the total number of authorized shares in each class.

Neither the press release nor the proxy specifies a reference price, other than the minimum $4 per share required for a Nasdaq listing.

“A listing on the Nasdaq is a natural evolution for Sezzle given the company is already filing the necessary reports with the SEC,” stated Charlie Youakim, Sezzle’s Chairman and CEO. “Although we are not seeking to raise capital as part of the Nasdaq listing, we are excited to expand the universe of potential investors to the United States.” Read more.


Source: Sezzle Plans Direct Listing on Nasdaq

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