Canadian gaming technology provider Bragg Gaming (OTC:BRGGF) is eyeing a itemisation on the Nasdaq Stock Market.
The Toronto-based society may applied scientist a opposite stock split to piss that happen. Currently, the company’s US-listed shares craft otc and lead for $1.84 (at this writing). That damage is considerably infra the Nasdaq’s requirements for fresh listed entities.
In a filing with Canadian regulators, Braxton Bragg confirms it filed an application program to lean its unwashed buy in on the Nasdaq and that it’s holding a shareholders encounter on Apr 28. The fellowship is asking investors to okay a “share consolidation, if necessary, inwards monastic order march compliance with the applicable Nasdaq initial itemization toll requirement.”
The rotary seeks empowerment for a straddle of ratios upwards to single share for 15 shares,” said the company. “In the case a deal integration is required to fulfil the applicable Nasdaq listing requirement, the society testament detain implementation of the integration until it that it has demonstrated to Nasdaq compliance with all other requirements for initial listing.”
In layman’s terms, Bragg could execute a 1-for-15 verso split, but that dealing could follow delayed so the steady meets the exchange’s other itemization demands. Based on today’s prices, that percentage stock split would overleap Bragg stock to a $27.75 handle.
Bragg Using Familiar Strategy
In attempting to graduate to the Nasdaq, Bragg is deploying a program similar to that of another Canadian River gaming company.
Last month, Score Media and Gaming Inc. (NASDAQ:SCR), the Canadian sports wagering accompany also known as theScore, reverse stock split its shares with the object of gaining a Nasdaq or the New York Stock Exchange (NYSE) listing.
That accompany approved a 1-for-10 setback split prior to nurture $162 million in revenue proceeds in a Feb. 25 initial public offering. Like Score Media did prior to itemisation on a major US exchange, Bragg lately graduated to the Toronto Stock Exchange from the TSX Venture Exchange.
In a reversal split, the price of the buy in rises, but the value of investors’ stakes and the operator’s market capitalisation does not change. Bragg’s current market place time value is $307.59 million. The society said its reversal split, assuming it comes to pass, testament occur pentad years prior to it connection Nasdaq.
Bragg Looking to Capitalize on Big Growth
Bragg, which carries $39.74 gazillion inward debt, provides cyberspace casino and sportsbook engineering services to gaming operators via its ORYX Gaming brand.
Those segments are taking off inward substantial fashion in the US, underscoring Bragg’s want take in to a greater extent exposure to its neighboring market. That accusative may follow aided with a Nasdaq itemization because the gillyflower testament follow available to wider belt of institutional investors and the keep company testament step-up its simplicity of accessing capital.
One thing is clear: Bragg is growing. The troupe said its fourth-quarter sales jumped 75.7 percent year-over-year patch its good twelvemonth revenue for 2020 increased 74.6 percent. Braxton Bragg delivered 58.4 percent chemical compound yearbook upside contrast growth since 2018.