Vertex Material Plans NASDAQ Listing By 2Q-3Q Next Year, Eyes US$300-400 Mln
KUALA LUMPUR, Oct 28 (Bernama) -- Malaysian advanced materials company and deep-tech unicorn, Vertex Material plans to list on the US NASDAQ stock exchange in the second or third quarter of next year, targeting to raise funds of US$300 million to US$400 million (US$1=RM4.08), said its chief executive officer Chris Lai.
Lai said the company had appointed the necessary advisers and was preparing its audit reports, regulatory filings and other documentation ahead of the proposed listing.
“We are already progressing. We have appointed all the necessary advisers for the NASDAQ listing, and we are now preparing the audits, filings and other required documentation,” he told a press conference held in conjunction with the company’s business signing ceremony with Aurelius Materials here today.
He said the decision to pursue a US listing, rather than list on Bursa Malaysia Securities Bhd was driven by the company’s US operations and its plans to tap into government incentives there.
“As our facility is in the US and we are planning to benefit from US government incentives, we believe it is more appropriate for us to pursue a NASDAQ listing rather than list in Kuala Lumpur,” he said.
On the company’s post-listing strategy, Lai said its immediate priority was to complete its US facility and commence production, which is expected to be a key contributor to its cash flow.
“Once that is in place, we will look at market opportunities and expand into other countries where feasible,” he said.
Although Vertex Material plans to supply its products to India, Lai said any decision to establish a manufacturing facility there would depend on the availability of copper, a key raw material for the company.
“India is not one of the largest copper producers, so if we were to establish a facility there, it would likely be smaller than the one planned in the US. We are looking at sourcing more copper from nearby producers, including Canada, Chile and Peru,” he said.
On the company’s valuation, Lai said Vertex Material had engaged leading accounting firms to assess its value, with the process involving several months of work to compile the necessary documentation.
“The valuation is close to US$7 billion at the moment,” he said.
Lai said Malaysia would continue to benefit from the company’s expansion as its innovation and technology development originated in the country.
“This is an innovation developed in Malaysia that we are bringing to the US. Ultimately, our shareholders remain Malaysian, although some shares have been allocated to the US market,” he added.
-- BERNAMA