Drone smart solutions provider Mobilicom(ASX: MOB) is expanding its US presence, progressing a NASDAQ dual listing for Q3 FY22. The process is well advanced with a lead underwriter appointed, Registration Statement on Form F-1 prepared, and initial confidential filings made with the US regulatory authorities.
Under the NASDAQ IPO, Mobilicom proposes to issue up to 665,000,000 new fully paid ordinary shares at an issue price of not less than 4 cents per share. The new shares will be held by a depository and be represented by ADSs that will trade on NASDAQ.
The dual listing follows increased interest from US commercial drone manufacturers for Mobilicom’s smart components for drones, robotics and autonomous systems. Mobilicom has a strong base of existing US customers, including Teledyne-Flir, Sarcos and Censys Technologies as well as a growing pipeline in the region. The company said a direct presence in the US will accelerate customer acquisition and repeat orders in the commercial market, and advance product qualification and procurement processes with the US Department of Defense (DoD) and other US Government programs.
Mobilicom CEO Oren Elkayam said, “Mobilicom has a proven track record of design wins and repeat orders in the US, seen most recently with a $560,000 order from a leading US commercial drone manufacturer. This is the largest single US order Mobilicom has received to date and reflects the company’s unique drone technologies and market position.
“Mobilicom is leveraging its success in the Israeli drone and robotics market to target tier-1 US customers. With accelerating demand in the US, the world’s largest drone market for both commercial and defense applications, Mobilicom is increasing its strategic focus on this market.”
Mobilicom said a NASDAQ dual listing provides the company with multiple advantages, including US market credibility, increased liquidity, enhanced valuation of technology companies, accelerated rollout of its cybersecurity offering, and greater M&A opportunities.
The company said some of its US customers had expressed an interest in taking a stake in Mobilicom and being listed on the NASDAQ listing wouldfacilitate this.
“An expanded US presence will be supported with a NASDAQ listing, which is expected to enhance Mobilicom’s reputation and credibility in the US drone and robotics industry, facilitating accelerated market share gains in the region. We expect strong growth in the US across our end-to-end hardware, software and cybersecurity solutions. Our ICE Cybersecurity offering stands to benefit the most from a strategic US focus as we build the adoption of cyber as a trusted source from within.
“The current conflict in Ukraine involves heavy reliance on cybersecurity and drone warfare, driving higher defense budgets for drones and robotics, including in the US. A NASDAQ listing and direct US presence will support Mobilicom’s growing engagement with the US DoD and NATO countries as we look to secure additional design wins and repeat orders in the Government market, building on our successful commercial relationship with Israel’s Ministry of Defense.”
Mobilicom will seek approval for the issue of new shares at its upcoming AGM in May.
