UpListing’s Case Study from Focused Issuers

Welcome to Part V of our UpListing Series. So far, we’ve covered the basics of uplisting, Corporate Governance, investment banks, and seven important uplisting benefits. Now we’re going to look at some examples of companies that successfully uplisted to a major exchange, in some of the different ways we talked about, and what they did.

Blink Charging Co. — Uplist with underwritten public offering

Blink Charging Co. a leading owner, operator, and provider of electric vehicle (EV) charging services, finalized its Uplist to NASDAQ Capital Markets in February of 2018. Its common stock and warrants began trading on the exchange under the symbols BLNK and BLNKW, respectively.

Simultaneous with the uplisting to NASDAQ, the company completed an underwritten public offering of 4,353,000 units. Each unit consisted of one share of common stock and two warrants to purchase one share of common stock each. The aggregate gross proceeds to Blink Charging from the public offering were $18,500,250, prior to deducting underwriting discounts, commissions and other estimated offering expenses. Joseph Gunnar & Co., LLC acted as sole book-running manager for the offering and The Benchmark Company, LLC acted as a co-manager for the offering.

Blink Charging is one of the leaders in nationwide public electric vehicle charging equipment and services. They offer charging equipment, as well as connectivity to the Blink Network—a cloud-based software that operates and manages the charging stations.  Through the network, EV drivers are able to charge their vehicles easily at locations throughout the United States.

BioHiTech Global, Inc. — Uplist without capital raise

BioHiTech Global, Inc, a technology and services company that provides cost-effective and sustainable waste management solutions, uplisted to NASDAQ Capital Markets on April 9, 2018, under the symbol BHTG. The Company met the requirements for an Uplist to without requiring any additional capital. Therefore, they did not complete a simultaneous registered offering with the Uplist.

BioHiTech Global, Inc. combines waste management services with its disruptive technologies, providing sustainable waste disposal and supply chain management solutions for businesses and municipalities of all sizes. Their technology platform, including both on and off-site treatment of biological waste, is designed to reduce overall waste generation and virtually eliminate landfill usage while creating a valuable renewable fuel.

Standard Diversified Inc. — Uplist with debt capital raise 

Standard Diversified Inc. finalized its uplist to NYSE American Exchange under the ticker “SDI” in April of 2018. The company did not undertake a simultaneous registered offering with the uplisting but secured a $25 million debt facility in conjunction with the uplist. Standard Diversified Inc. is a holding company that owns and operates subsidiaries in a variety of industries, including insurance, tobacco products, and outdoor advertising.

Mogo Finance Technology Inc. — Uplist with shelf registration

Mogo Finance Technology Inc, which is focused on building Canada’s leading digital banking experience, completed its uplist to NASDAQ Capital Market on April 18, 2018.

As part of the uplist, the company filed a preliminary short form base shelf prospectus in each of the provinces and territories of Canada, except Quebec, and a corresponding shelf registration statement on Form F-1 in the United States under the U.S.-Canada Multijurisdictional Disclosure System. The company has filed this Prospectus to maintain financial flexibility but did not disclose any immediate intentions to undertake an offering. However, this allows the company to make offerings of common shares and debt securities of up to an aggregate initial offering price of C$50 million at any time during the 25-month period that the Prospectus remains effective.

As these examples indicate there are many ways for a company to complete an uplisting and various reasons for doing so. So which type of uplisting is right for your company? The process can seem daunting, but UpListing.com can not only help you determine the best course of action for your organization, but assist you every step of the way as you go through the process. Contact us to learn more!