- MyFiziq (MYQ) has received a funding agreement of US$1.5 million (roughly A$2.23 million) from Asia Cornerstone Asset Management (ACAM) to list on the Nasdaq stock exchange
- Since last year, the company has been in discussions with U.S. advisors and bankers regarding this potential listing
- ACAM played an important role in introducing the company to these advisors, law firms and bankers through its U.S. network
- The company will need filings from the U.S. Securities and Exchange Commission and will need to meet the requirements
- If all goes well, MyFiziq aims to have shares trading by the end of this year or the start of 2021
- MyFiziq is up 10 per cent on the market today, trading for 22 cents each
MyFiziq (MYQ) has received a funding agreement of US$1.5 million (roughly A$2.23 million) from Asia Cornerstone Asset Management (ACAM) to list on the Nasdaq Capital Market.
The company is seeking a dual listing on the Nasdaq stock market. Funds from ACAM will also go towards general working capital purposes.
Late last year, MyFiziq started discussions with U.S. advisors and bankers on the potential listing. The outcome of these meetings saw several offers to the company, from well-established firms.
ACAM played an important role in introducing the company to these advisors, law firms and bankers through its U.S. network. ACAM will provide the money in four separate transactions.
"It is often a concern to these organisations that we are not US-based when they are looking to integrate our technology into their own ecosystem and customer engagement," MyFiziq CEO Vlado Bosanac said.
"This move will also bring both fresh investors and support to the company. MyFiziq is at a turning point with the release of Evolt and multiple other applications under development for release in the coming month," he added.
How does listing on NASDAQ work?
The Nasdaq has three tiers for companies that are wishing to apply for a quotation on the stock market. MyFiziq will be applying for a quotation on the Nasdaq capital market tier.
The company will need filings from the U.S. Securities and Exchange Commission (SEC) and will need to meet the requirements to list on Nasdaq.
MyFiziq is aiming to have shares trading by the end of 2020 or the start of 2021.
"The U.S. investment banks we met with over the last months have showed very strong interest in our technology and the pathway we outlined to generate revenue," Vlado said.
"We had built momentum in the U.S. prior to the COVID-19 shutdowns, which caused an initial stall in our ambitions. In the past weeks, this interest has re-ignited and with this, we accepted the initial funding from ACAM to execute on our plan," he added.
ACAM Director Dato Sri Marcus Liew believes the current market is underestimating the technology MyFiziq has developed.
"We have great aspirations for MyFiziq and truly believe its technology is at the cutting edge of multiple market segments," he said.
"We have invested heavily in the company and will continue to assist with its growth aspirations across Asia and any other markets we have access to. The move to the U.S. has our full support and we will further assist with the relationships we have there," he added.
MyFiziq is up 10 per cent on the market today, trading for 22 cents each at 3:45 pm AEST.