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- Mobilicom (MOB) progresses its NASDAQ dual listing to facilitate its further expansion into the US market
- The company reports that the process is well advanced with a lead underwriter appointed and legal paperwork filed with the relevant US regulatory authorities
- Under the NASDAQ IPO, Mobilicom proposes to issue up to 665 million new shares at an issue price of 4 cents per share
- Following F1 submission and an US Securities and Exchange Commission review period, Mobilicom’s NASDAQ listing is anticipated during Q3 FY22
- Mobilicom shares are down 2.22 per cent to 4.4 cents as of 3:34 pm AEST
Mobilicom (MOB) has progressed its NASDAQ dual listing to facilitate its further expansion into the US market.
The company reported that the process is well advanced with a lead underwriter appointed, Registration Statement on Form F-1 prepared, and initial confidential filings made with the US regulatory authorities.
Under the NASDAQ IPO, Mobilicom proposes to issue up to 665 million new shares at an issue price of at least 4 cents per share, which will be held by a depository.
Mobilicom sees multiple advantages from a NASDAQ dual listing which includes increased US market visibility and increased liquidity and enhanced valuation of technology companies.
Commenting on the company’s strategic positioning in the US and progress to a NASDAQ dual listing, CEO Oren Elkayam said Mobilicom is “leveraging its success” to accelerate market share gains in the region.
The company also said it is experiencing increased interest from the US drone market, the largest market globally for both the commercial and drone segments.
“Mobilicom has a proven track record of design wins and repeat orders in the US, seen most recently with a $560,000 order from a leading US commercial drone manufacturer,” Mr Elkayam said.
A direct presence in the US will enable Mobilicom to accelerate customer acquisition and repeat orders in the commercial market, and advance product qualification and procurement processes with the US Department of Defense (DoD) and other US Government programs.
“With accelerating demand in the US, the world’s largest drone market for both commercial and defense applications, Mobilicom is increasing its strategic focus on this market,” Mr Elkayam said.
Funds from the NASDAQ IPO will be used to expand its direct presence in the US, invest in sales and marketing in the US and EMEA as well as accelerating a rollout and development of Cybersecurity and SaaS offering.
Following F1 submission and an US Securities and Exchange Commission review period, Mobilicom’s NASDAQ listing is anticipated during Q3 FY22.
Mobilicom shares are down 2.22 per cent to 4.4 cents as of 3:34 pm AEST.
