(Image courtesy of the HW ELECTRO website.)
On November 8, 2023, HW ELECTRO Co., Ltd., a manufacturer and seller of the “ELEMO” light commercial EV truck, filed a Registration Statement (Form F-1) with the U.S. Securities and Exchange Commission (SEC) for a proposed Nasdaq listing. (Source: HW ELECTRO Press Release)
HW ELECTRO’s Path to Nasdaq Listing
HW ELECTRO first submitted a confidential Draft Registration Statement (DRS) to the SEC’s EDGAR system on June 30, 2023. The formal F-1 was subsequently filed on November 8, 2023. The F-1 includes attached financial statements (F/S) for the fiscal years ended September 30, 2021, and 2022, as well as semi-annual F/S for the six-month periods ended March 31, 2022, and 2023.
Nasdaq Listing Details
The market HW ELECTRO plans to list on is the Nasdaq Capital Market. Also known as the “small-cap” market, it is the one of Nasdaq’s three market tiers intended for startups with the smallest market capitalization.
Please refer to the following article regarding Nasdaq’s three market tiers:
A Guide to the US Capital Markets for Japanese Companies Vol.4
A Company with Zero Revenue Conducts an IPO on Nasdaq In May of this year (2018), a Singaporean pharmaceutical company, ASLAN Pharmaceuticals, conducted an IPO
The team for HW ELECTRO’s Nasdaq listing is as follows:
Underwriter: Univest Securities
Counsel: Taubman Fischer & Li LLC
Auditor: WWC, P.C.
We have summarized the recent movements of Japanese companies concerning Nasdaq IPOs in the following article:
Company Profile
Company Name: HW ELECTRO Co., Ltd.
Head Office: the SOHO Bldg. 301, 2-7-4 Aomi, Koto-ku, Tokyo
Representative: Weicheng Xiao, President & CEO
Established: May 2019
Fiscal Year-End: September 30
Business Description: The manufacture and sale of next-generation electric vehicles (primarily light commercial vehicles) that lead the new era, featuring an excellent concept that considers both economic efficiency and environmental issues.
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