Suchness Tech Limited filed paperwork Tuesday to take the company public, aiming to raise $20 million through the sale of Class A ordinary shares. The shares carry a par value of $0.0001 each, according to the registration statement submitted for the proposed offering.
In the filing, Suchness Tech said it has applied to list its Class A ordinary shares on the Nasdaq Capital Market using the ticker symbol "SUCH." The registration did not include a proposed price range for the offering, leaving the ultimate per-share pricing to be determined later in the IPO process.
Joseph Stone Capital is identified in the filing as the underwriter for the offering. The company also stated that prior to this planned transaction there has been no public market for the Class A ordinary shares - a point that underscores the offering represents investors' first opportunity to trade the company's shares on a public exchange.
The filing makes clear that completion of the offering depends on Nasdaq's final approval of the listing application. The company explicitly notes that Nasdaq's approval is not guaranteed, meaning the offering could be delayed, altered or not completed if the exchange does not grant a listing.
The filing provides the basic mechanics of the proposed offering - amount sought, share class and par value, proposed trading venue and underwriter - while leaving key market details, such as a price range and final listing approval, unresolved.
This registration represents an initial step in the IPO process and outlines the contingencies and current status as presented by the company in its filing. Investors and market observers will need to await further disclosures to learn the final terms of the offering and whether Nasdaq will authorize the listing under the proposed ticker.