NEWRGY IMEX, in an effort to expand its influence and secure more capital, has decided to initiate the process for listing on the New York Stock Exchange (NYSE). The company began its preparations for listing in early 2024, optimizing its internal structure and management systems to meet NYSE listing requirements.
The company plans to formally submit its application to the U.S. Securities and Exchange Commission (SEC) on August 7, 2024. Through this listing, NEWRGY IMEX aims to leverage the capital market to raise substantial equity financing, enhancing the company's financial strength and competitiveness. Additionally, the company will utilize the capital market to improve its corporate governance structure, strengthen management, operations, and internal control mechanisms. These initiatives will lay a solid foundation for NEWRGY IMEX's future financing, business expansion, mergers and acquisitions, and rapid development.
Investor Subscription Details
Currently, five leading investment firms have subscribed to NEWRGY IMEX shares, with a total subscription amount of $8 billion, representing 40% of the company. The specific subscription details are as follows:
Insight Partners: $3 billion, holding 15%
New Enterprise Associates: $1.5 billion, holding 7.5%
Tiger Global Management: $1.5 billion, holding 7.5%
Sequoia Capital: $1 billion, holding 5%
Lightspeed Venture Partners: $1 billion, holding 5%
Financial and Listing Preparations
According to NYSE listing requirements, NEWRGY IMEX has met the following financial and shareholder structure criteria:
Earnings Test: The company’s cumulative pre-tax income over the past three years is not less than $1 billion, and the pre-tax income for each of the last two fiscal years is not less than $250 million.
Valuation/Revenue Test: The company’s expected market value at listing is not less than $20 billion, and revenue for the most recent year is not less than $300 million.
Valuation/Revenue/Cash Flow Test: The company’s revenue for the most recent 12 months has reached $400 million, the market value is expected to reach $20 billion, and the cumulative net cash flow over the past three years exceeds $1 billion, with each of the last two fiscal years having a net cash flow of no less than $500 million.
Additionally, the company has made thorough preparations in the following areas:
Necessary Financial Information: Ensuring the financial information of all companies within the group is prepared according to applicable financial reporting standards.
Target Capital Structure**: Planning the company’s debt-to-equity ratio based on industry characteristics and company conditions, and determining the IPO financing scale accordingly.
Review of Equity Structure and Organizational Setup: Establishing a listing entity registered overseas and setting up a VIE structure, conducting internal restructuring for more tax-efficient and operational efficiency.
Corporate Governance Structure and Board Members: Establishing a governance structure consisting of a shareholders’ meeting, board of directors, general manager, and functional departments.
Management Compensation and Employee Incentive Plans: Formulating and improving equity incentive plans to retain and motivate core employees.
Listing Execution and Market Promotion
NEWRGY IMEX is currently in the preparatory stage for submitting its listing application to the SEC, planning to submit formally on August 7, 2024. The company has completed the following key steps:
Holding a Full Launch Meeting: The company’s management and intermediary agencies have agreed on the issuance timeline, scale, and structure, with all work proceeding according to the schedule.
Drafting the Prospectus: Fully disclosing company business information, preparing the stock story, and including necessary information and data from the perspective of selling stock.
Testing the Waters Roadshow: The company plans to conduct a roadshow to communicate with investors and gather initial feedback.
CEO Speech Video
Looking Forward
NEWRGY IMEX will continue to leverage the advantages of the capital market to strengthen its corporate governance structure, enhance management and internal control levels. The company plans to achieve breakthroughs in the following areas:
Continuous Innovation: Increasing R&D investment, continuously launching innovative products and services, and maintaining industry leadership.
Global Expansion: Expanding into international markets, increasing market share, and enhancing global influence.
Strategic Acquisitions: Integrating industry resources through mergers and acquisitions to achieve rapid growth.
Sustainable Development: Focusing on environmental, social, and governance (ESG) factors to promote sustainable development.
We are confident that with our excellent management team, advanced technology, and strong capital support, NEWRGY IMEX will achieve greater success in the global market, creating more value for shareholders and investors.