Life360 becomes latest ASX company to seek New York listing

As the lean spell for local cap-raising and IPOs continues, more Aussie companies are exploring dual listing options overseas. And there’s a new ASX arrival.

Life360 is the latest ASX company to picture itself in new surroundings. Picture: Getty Images

As the lean spell for local cap-raising and IPOs continues, more Aussie companies are exploring dual listing options overseas. And there’s a new ASX arrival.

In January, Westgold Resources (ASX:WGX) became the latest ASX company to dual list in the US market. Westgold’s shares commenced trading on the OTCQX Best Market (OTCQX) under the symbol “WGXRF”.

The stock’s decision came after its North American investor base has gradually grown to around 23 per cent of its share register.

The company is now gearing up to list on the Toronto Stock Exchange (TSX) after merging with Canada’s Karora Resources earlier this year.

Another ASX company prepping itself to dual list in the US is Life360 (ASX:360), the $3 billion company behind a popular family-tracking app.

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Life360 announced on May 10 that it was gearing up to go to New York to list its common stock on the Nasdaq Global Select Market under the symbol “LIF”.

“The company, with headquarters in the San Francisco area and pre-existing SEC reporting obligations, views a US IPO and increased exposure to US investors as a natural next-step in its growth,” said a statement released to the ASX.

Life360 confirmed that its CHESS Depositary Interests (CDI) - which represent underlying shares of common stock on a “three CDIs for 1 share of common stock basis” - will remain listed on the ASX.

The main benefit of a dual listing is that companies can reach a bigger audience, particularly as the US is the biggest capital market in the world.

This means more chances to raise capital and boost liquidity of the stock.

Listing on two exchanges also lets more investors buy and sell shares, and exchanges in the US often have a lot more active investors, which can be a big advantage.

New (and newish) arrivals

Up; until today, the bourse’s latest arrival had been Tasmea (ASX:TEA), a company that provides maintenance and engineering services across mining and resources, oil and gas, wastewater, power and renewable energy, and defence and infrastructure sectors.

Exciting? No. Dependable? Yes. Currently, Tasmea owns 18 businesses and has engorged its revenues via six acquisitions over in the past year.

Meanwhile, the best IPO performing stock this year is Blinklab (ASX:BB1), a $20 million+ market capped mental health medtech company that has transformed a regular mobile phone into a tool for neurobehavioral evaluations.

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Blinklab’s app allows for quick and remote testing, helping research on neurodevelopmental and neurodegenerative conditions like schizophrenia, autism, ADHD, and different types of dementia.

The AI-driven smartphone app was developed in collaboration with the big brains at Princeton University, and is primed to grab a share of the market worth a staggering $700 billion in the US alone.

“We can bring that diagnostic age to a lower age and we can totally disrupt the way these kids have been treated,” said BlinkLab chairman Brian Leedman at a recent investor lunch, adding:

“This is the world’s first digital application on a smartphone solely on a smartphone that can analyse a child’s face and diagnose autism or ADHD, simply by looking at their reflex action.”

Listings today and beyond

Prospecteive dates are sourced from the ASX website. They could change without notice.

SUN SILVER (ASX:SS1)

Listing: Wednesday, May 15, 2024

IPO: $13 million at 20 cents/share

The ASX hopeful is one of the few pure play silver companies on the bourse.

It made a bright start to its time on the bourse. At 2pm on its debut day, SS1’s share price was up 95 per cent, at 39 cents each.

Sun Silver has reason to be confident about its flagship Maverick Springs project in Elko County, Nevada.

The project hosts a JORC-compliant inferred resource of 292Moz of silver equivalent at an average grade of 72.4g/t within the Carlin trend – a deep penetrating fault that is known for Permian host rocks great for mining and processing.

The immediate region is also known to have a number of operating gold and silver mines including Coeur’s Rochester mine. Nevada is also well known around the world as a top tier mining jurisdiction.

Read more here: Sun’s shining on this pure play silver company seeking admission to the ASX

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RESOURO STRATEGIC METALS (ASX:RAU)

Expected listing: June 4, 2024

IPO: $8 million at 50 cents/share

Resouro is developing rare earth elements, titanium, and gold deposits in Brazil.

The Novo Mundo project covers over 167sq km of the highly prospective Alta Floresta Gold Belt. The province has numerous small scale mining operations and at least three large mines are under development.

Novo Mundo released high-grade drill results from its 2022 fall exploration program – Hole 10 returned an impressive 16.21m @ 2.97g/t gold (Au) at a depth of 55.9m.

The Tiros Rare Earth Elements and Titanium project meanwhile is located within the Capacete Formation in Minas Gerais, the mining powerhouse of Brazil.

The Tiros licenses cover an area of approximately 450sq km, and encompass the thickest portions of the prospective formation representing the areas with the greatest exploration potential.

Approximately 24 per cent of the content of rare earth elements within the Tiros trend is comprised of neodymium, praseodymium, and dysprosium.

This content first appeared on stockhead.com.au

At Stockhead, we tell it like it is. While Sim Silver is a Stockhead advertisers, it did not sponsor this article.

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Originally published as Life360 becomes latest ASX company to seek New York listing