Hi everyone. We wanted to bring you up to date quickly the some news that's coming out today.
05 Apr 2023, 13:41
Hi everyone. We wanted to bring you up to date quickly the some news that's coming out today.
Bolt will now be pursuing a direct listing (IPO) on the main board of the London Stock Exchange (LSE) as a full standard listing. We'll no longer be engaging with Golden Rock Global in a reverse takeover transaction to be listed on the LSE.
There are a few reasons why we're forward in this way.
* A direct IPO for Bolt will be more expedient in dealing with matters (unrelated to both companies), that slowed down the previous exercise.
* Bolt fulfils the minimum market-cap valuation required for a mainboard Standard Listing on LSE.
* Pursuing a direct IPO will benefit all existing Bolt shareholders. With no listed shell involved, this will significantly reduce shareholder dilution.
* GRG, as a listed LSE shell company, must apply for its suspension status to be lifted and resume trading of GRG shares. It is also required to complete and lodge its 2022 Financial Audit.
In short, Bolt can now be in control of the process and the timing of any IPO.
What's next?
* We have prepared all the necessary documentation for a full standard listing on LSE, including the Financial Position and Prospects Procedures (FPPP) documentation, three years' worth of audited financials (clean audit opinion for 2019, 2020, 2021) plus the group’s Historical Financial Information (HFI), Working Capital Schedule (WCS), and of course the Prospectus with GRG.
* All the documentation and work completed so far can be repurposed for our direct IPO exercise. It's already been vetted by our advisors and the Financial Conduct Authority (FCA) through numerous turns.
As some of the most active and long-time members of the Bolt community, we wanted to let you know this news as soon as possible, and to thank you for your continued support. We're looking forward to completing the direct IPO exercise and moving into the next evolution of the Bolt ecosystem with you.
There are still a few regulatory limits on how deep we can go into the details of this decision, but we'll try to answer any questions you have (please understand if we can't answer them all right now! Also, any comments or questions relating to Golden Rock Global will have to be directed to them; as I'm sure you can appreciate we can't speak for GRG in here).