BRN Discussion Ongoing

[BrainShit]

I did a quick Google on NYSE listing requirements (I didn't delve deeply) and the float requirement, is only 1.1 million shares, as compared with 1.25 Billion, with a B shares on the NASDAQ.

View attachment 78308

So no extra issues "required" there, but still a very large consolidation at current prices, to reach 4 USD per security price..
(if what I've shown is correct).

Nice announcenent to concider by the way... I see more advantages than disadvantages. But like to see a big IP deal much more...


To qualify for a Nasdaq IPO, companies must meet specific financial, governance, and disclosure criteria. Here are the key requirements:

Financial Requirements

- Stockholders' Equity: Minimum of $5 million (for Nasdaq Capital Market) or $15 million (for higher tiers)[1][3][5].

- Market Capitalization: At least $50 million or $75 million, depending on the listing standard[1][5].

- Public Float: Minimum of 1 million publicly held shares[3][5].

- Share Price: Minimum bid price of $4 per share (exceptions exist for lower prices under specific conditions)[3][8]. (e.g. a company may qualify under a closing price alternative of $3.00 or $2.00 if the company meets varying requirements.)

- Operating History: At least two years for some standards[1][5].


Corporate Governance

- A majority of independent directors on the board[1].

- An audit committee meeting Nasdaq standards[1].

- Compliance with SEC reporting requirements[3].


Shareholder and Market Maker Requirements

- At least 300 round lot shareholders (100 shares or more)[3][7].

- A minimum of three market makers[3].

Other Requirements
- Filing regular reports with the SEC and adhering to Nasdaq's disclosure rules[1][8].

- Payment of application and listing fees ranging from $50,000 to $295,000 depending on the number of shares listed[3].

Companies must meet at least one of Nasdaq's listing standards and complete the application process, including submitting financial and corporate governance documentation.

Sources:
[1] Listing Requirements for a Nasdaq IPO: What Companies Need to ... https://srfc.law/nasdaq-ipo-requirements/
[2] Rules | The Nasdaq Stock Market https://listingcenter.nasdaq.com/rulebook/nasdaq/rules
[3] What Are the Listing Requirements for the NASDAQ? - Investopedia https://www.investopedia.com/ask/answers/nasdaq-listing-requirements/
[4] New NYSE and Nasdaq Listing Requirements https://www.bipc.com/new-nyse-and-nasdaq-listing-requirements
[5] NASDAQ Listing Requirements | Colonial Stock Transfer https://www.colonialstock.com/nasdaq-listings.htm
[6] Rules | The Nasdaq Stock Market https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5200-series
[7] Nasdaq Capital Market (Nasdaq-CM): Definition and Requirements https://www.investopedia.com/terms/n/nasdaq-smallcap-market.asp
[8] Principal listing and maintenance requirements and procedures https://resourcehub.bakermckenzie.c...g-and-maintenance-requirements-and-procedures
[9] [PDF] Nasdaq Permits Primary Direct Listings and Proposes Relaxation of ... https://www.skadden.com/-/media/fil...mitsprimarydirectlistingsandproposesrelax.pdf

 

[DingoBorat]

Nice announcenent to concider by the way... I see more advantages than disadvantages. But like to see a big deal much more...


To qualify for a Nasdaq IPO, companies must meet specific financial, governance, and disclosure criteria. Here are the key requirements:

Financial Requirements

- Stockholders' Equity: Minimum of $5 million (for Nasdaq Capital Market) or $15 million (for higher tiers)[1][3][5].

- Market Capitalization: At least $50 million or $75 million, depending on the listing standard[1][5].

- Public Float: Minimum of 1 million publicly held shares[3][5].

- Share Price: Minimum bid price of $4 per share (exceptions exist for lower prices under specific conditions)[3][8]. (e.g. a company may qualify under a closing price alternative of $3.00 or $2.00 if the company meets varying requirements.)

- Operating History: At least two years for some standards[1][5].


Corporate Governance

- A majority of independent directors on the board[1].

- An audit committee meeting Nasdaq standards[1].

- Compliance with SEC reporting requirements[3].


Shareholder and Market Maker Requirements

- At least 300 round lot shareholders (100 shares or more)[3][7].

- A minimum of three market makers[3].

Other Requirements
- Filing regular reports with the SEC and adhering to Nasdaq's disclosure rules[1][8].

- Payment of application and listing fees ranging from $50,000 to $295,000 depending on the number of shares listed[3].

Companies must meet at least one of Nasdaq's listing standards and complete the application process, including submitting financial and corporate governance documentation.

Sources:
[1] Listing Requirements for a Nasdaq IPO: What Companies Need to ... https://srfc.law/nasdaq-ipo-requirements/
[2] Rules | The Nasdaq Stock Market https://listingcenter.nasdaq.com/rulebook/nasdaq/rules
[3] What Are the Listing Requirements for the NASDAQ? - Investopedia https://www.investopedia.com/ask/answers/nasdaq-listing-requirements/
[4] New NYSE and Nasdaq Listing Requirements https://www.bipc.com/new-nyse-and-nasdaq-listing-requirements
[5] NASDAQ Listing Requirements | Colonial Stock Transfer https://www.colonialstock.com/nasdaq-listings.htm
[6] Rules | The Nasdaq Stock Market https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5200-series
[7] Nasdaq Capital Market (Nasdaq-CM): Definition and Requirements https://www.investopedia.com/terms/n/nasdaq-smallcap-market.asp
[8] Principal listing and maintenance requirements and procedures https://resourcehub.bakermckenzie.c...g-and-maintenance-requirements-and-procedures
[9] [PDF] Nasdaq Permits Primary Direct Listings and Proposes Relaxation of ... https://www.skadden.com/-/media/fil...mitsprimarydirectlistingsandproposesrelax.pdf

What's this minimum of 3 "market makers"?
Would that be institutional investors?

 

[DingoBorat]

What's this minimum of 3 "market makers"?
Would that be institutional investors?

It's okay..

Market Maker Definition: What It Means and How They Make Money

Market makers compete for customer order flow by displaying buy and sell quotations for a guaranteed number of shares. They ensure market liquidity by

www.investopedia.com

 

[Gazzafish]

I prefer the theory that we are about to drop some large deals with large revenue and the BoD are just getting ready for us to move over to the USA because our share price will already meet the minimum requirements without any consolidation

 

[BrainShit]

What's this minimum of 3 "market makers"?
Would that be institutional investors?

Market makers provides liquidity by continuously quoting buy (bid) and sell (ask) prices for securities. They trade on their own account, profiting from the bid-ask spread. Their primary role is to ensure smooth market functioning by balancing supply and demand.

Like: Citadel Securities, Virtu Financial, and Goldman Sachs... BNP Paribas, Deutsche Bank, Liberum Capital, and Morgan Stanley

 

[HopalongPetrovski]

I think that is exaggeration, but definitely they need to a US company to secure such a deal in Trump times.
We all know ARFL contract and it is there for a year and they want to get US listing with in that time so that if things mature, contract need not wait too long.
But again an expectation. Only time will tell how management comes out with a plan to transition. If they are coming without a US investment, it may not be in our best interests. Anyway when they come up with a proposal they will need our votes again, before that we have AGM, but one thing I cannot get why they are hiding top 20 list even after the annual report?
Dyor

Top 20 list as at 11 February 2025 is on page 82 of the annual report.

 

[Iseki]

Now today has been a interesting day has’nt, anyone else feel that we are being screwed over by our own management now???
1. Don’t make any announcements that will push up the share price for 3-4 years.
2.Tell us that 2025 is gunna be a great year for the company and all the other bullshit over the last 3-4 years.
3 Hide everything behind NDA’S So shareholders haven’t got a clue what’s going on or if they even exist.
4. Make up more bullshit we have to move to the USstock exchange for the good of the company staying out of the reach of ASX prying eyes.
5 Shareholders value obliterated from say $1.50 to $0.25 cents.
6 We then list on the us stock exchange with our shares worth $0.10 after the massacre to come.
7.US NEWshareholders buy our shares for $0.10 a share.
Does anyone get the feeling that AMERICA,S Have just pulled of the biggest Theft of Australian technology ever seen and our us CEO wants us to trust and believe him and the board. Who have shown shareholders nothing but distance and avoidance over the last 4 years.
This AGM just got better this is the most disgusting ripoff of Australian shareholders since Alan bond days.
AGM VOTE AGAINST every FKN proposal put forward show them your not gunna be screwed over. If the shareprice was $2.00 fill yah boots I would be first to vote yes, but to give our shares away to the Americans.CON JOB BY OUR BOARD AND MANAGEMENT WRITTEN ALL OVER IT. $0.15 cents US Dollars if we’re lucky on the transfer Fk NO is my vote

If the current board can't make a substantial deal in the near future then they shouldn't be the ones to do the US flip.

The ASX is protecting us from unreasonable capital listings which would destroy our positions, while US exchange may not. This is possibly what the board doesn't like about the ASX.

 

[toasty]

I doubt whether this would even be raised if they didn't already know a majority of shareholders would approve. So far as the courts are concerned, it'll need a good story which Im sure they'll have by the time it gets there.

 

[yogi]

Embrace the impact fasten your seat belt

 

[DingoBorat]

Embrace the impact fasten your seat belt

I think everyone's too busy throwing up at the moment...

 

[genyl]

Painchip aka brainfart is at it again...

 

[Boab]

I'm still positive as I look at the reasons given for the Capitol raise.

 

[BrainShit]

I think everyone's too busy throwing up at the moment...

 

[DK6161]

To think that I could've more than doubled my shares if I waited this long

 

[AARONASX]

Painchip aka brainfart is at it again...

But but but.... 2020 2021 2022 2023 2024 2025 will be our year

 

[genyl]

But but but.... 2020 2021 2022 2023 2024 2025 will be our year

Exactly and the circus clowns keeps making new products (Pico, TENNS, Akida pt 1,2,3, sun glasses) but no one wants to buy it!? Wtf is even that kind of way to do things

 

[DK6161]

I think everyone's too busy throwing up at the moment...

You might find that most of the founding members have already left the scene; no longer holding BRN shares.
Most of us left here are those who got duped by sweet-talkers like FF and now fighting among ourselves.
Sad but true.

 

[CWP]

I have no experience in this situation personally but to me it seems quite worrying. I would feel far more comfortable moving to the US with a business that is making decent revenue and a few tier one companies with products in the market, this is yet to be the case unfortunately. In my opinion not enough commercial traction had been made to support the move, well not that we have been made aware of…
I guess my biggest concern is being diluted to oblivion under the premise of raising enough capital boost our US exchange debut. The devil will be in the detail here, my question is we may not be made aware of ALL the details and the future direction by the board. They haven’t been forthcoming to this point with information so why would they now ?
The company has stated it’s concerns about the rules of the ASX but there is plenty of other ASX listed companies that manage to navigate this area with ease so why not BRN ?
Shorting is alive and well in the US also, there are numerous articles available about them devouring pre revenue companies and then the big dogs swooping in and buying what’s left for a pittance, this should be a real concern in my eyes for BRN.
I knew the move to the US would come at some point and agree it could prove prosperous, but at this point I feel we are being thrown to the wolves with either massive dilution or the crushing impact of shorters which would eventually lead to a buyout and near total loss of LTH capital.
Ever investor has a choice to buy or sell, I get that, but if deeply in the red, which many holders would be, it’s not an easy decision to make.
If multiple millions in deals are signed in the timeframe before the move is made my veiws would be considerably more supportive, However I have my doubts…
The market obviously isn’t thrilled either with 15% down on open…
Obviously just my opinion but I think there is genuine concerns to be had on what i believe to be a premature move to the US.

 

[Pom down under]

I think everyone's too busy throwing up at the moment...

 

[BrainShit]

Exactly and the circus clowns keeps making new products (Pico, TENNS, Akida pt 1,2,3, sun glasses) but no one wants to buy it!? Wtf is even that kind of way to do things

You forgot the 6 x Edge Boxes and the 13 x M.2 Cards. Some invisible smart bins and never seen cybersecurity protection ...