Last Mile Tech Firm GetSwift Announces Plan to Re-domicile to Canada’s NEO Exchange
GetSwift Limited (ASX: GSW) (‘GetSwift’ or the ‘Company’), a leading provider of last mile SaaS logistics technology, today announced a proposal to re-domicile from Australia to Canada, resulting in a new listing on the NEO Exchange in Toronto.
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“Our focus on the world’s leading markets as we continue seeking growth in all regions is simply good business.”
“We have made no secret of the fact that our customers and shareholders across North America have supported our focus on the region with increased business and continued investor support,” said GetSwift Chief Executive Officer Bane Hunter. “Our focus on the world’s leading markets as we continue seeking growth in all regions is simply good business.”
GetSwift has expanded dramatically since listing initially in Australia in 2016, with its headquarters along with the majority of its customers and shareholders now located in Canada and the United States. Particularly during the coronavirus pandemic, GetSwift has been proud to enable restaurants, farms, dairies, and clients in many other categories take delivery into their own hands to ensure business carried on in local communities in North America and around the world. GetSwift looks forward to its next phase of expansion as a NEO-listed company.
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Reasons for the Re-domiciliation:
After considering the relative merits of the re-domiciliation compared to its current listing on the Australian Securities Exchange (ASX), the company’s Board directors are of the unanimous view that there are a number of significant advantages and benefits with this action. In particular, the Board believes that the re-domiciliation will:
- align GetSwift’s corporate structure with its business operations in North America, which is where it is headquartered in New York City and its management and a significant proportion of its customers and shareholder base are now situated;
- better position GetSwift for continued international growth, in recognition that a majority of its customers acquired since the Company’s IPO have been located across North America, Europe, the Middle East, Africa, and South America;
- increase the attractiveness of GetSwift to a broader range of investors in a market which is familiar with and more likely to invest in early to mid-stage technology companies, which may lead to a stronger valuation of GetSwift over time and improve liquidity in trading of shares; and
- result in overhead costs savings to GetSwift by reducing costs currently incurred as a result of being listed in a time zone and geographic location not aligned to the location of its headquarters and a large proportion of its customer base (by number) and shareholders (by value).
Next Steps:
- GetSwift shareholders do not need to take any action at this stage.
- The Board will keep the market informed of any material developments in accordance with its continuous disclosure obligations.
- Jones Day is acting as Australian legal adviser to GetSwift. Dentons is acting as Canadian legal adviser to GetSwift and Holdco.
