(Image courtesy of the Syla Technologies website.)
On March 31, 2023, Syla Technologies Co., Ltd. (“Syla”), a company that develops a WealthTech business centered on its “Rimawari-kun” asset management platform and “Rimawari-kun AI,” was listed on Nasdaq. (Source: Syla Press Release)
Syla’s Path to Nasdaq Listing
Syla first submitted a confidential Draft Registration Statement (DRS) to the SEC’s EDGAR system on September 26, 2022. The Form F-1 was formally filed on November 16, 2022. It was subsequently amended several times, with the final pre-effective amendment dated March 16, 2023.
For a Foreign Private Issuer (FPI), the financial statements “expire” after 15 months. With the deadline to use the fiscal year 2021 (ended December 31, 2021) financial statements looming at the end of March 2023, the Form F-1 was declared Effective on the evening of March 30. The Form 424B4 Prospectus was issued on March 31, and the shares were priced and listed on the same day.
Syla Lists ADRs on the Nasdaq Capital Market
The market Syla listed 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.
For more details on Nasdaq’s three market tiers and the listing requirements for the Nasdaq Capital Market, which Syla joined, please refer to the following articles:
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
It should be noted that Syla did not list via a merger with a Special Purpose Acquisition Company (SPAC) (a De-SPAC). Syla itself achieved an ADR listing.
The team for Syla’s Nasdaq listing was as follows:
- Underwriter: Boustead Securities, LLC
- Counsel: Anthony L.G., PLLC
- Auditor: MaloneBailey, LLP
We have summarized the recent movements of Japanese companies concerning Nasdaq IPOs in the following article:
Company Profile
- Company Name: Syla Technologies Co., Ltd.
- Head Office: Ebisu Prime Square 7F, 1-1-39 Hiroo, Shibuya-ku, Tokyo
- Representatives:
Hiroyuki Sugimoto (Representative Director, Chairman, Group Executive Officer CEO)
Yoshiyuki Yuto (Representative Director, President, Group Executive Officer COO) - Established: September 2010
- Capital: 161,580,000 JPY
- Fiscal Year-End: December 31
- Business Description: WealthTech business centered on the asset management platform “Rimawari-kun,” and development of “Rimawari-kun AI.”
Our firm provides support for Japanese companies aiming to list on Nasdaq. Please feel free to contact us using the inquiry form below.
