Braidy Industries has filed more paperwork indicating it intends to list its common stock on the Nasdaq stock market.
The latest filing is called a draft resale shelf registration statement.
A shelf registration is defined by Nasdaq as a procedure that helps clear the way for a public offering of securities.
“With the registration ‘on the shelf,’ the corporation, by simply updating regularly filed annual, quarterly, and related reports to the SEC, can go to the market as conditions become favorable with a minimum of administrative preparation,” according Nasdaq’s website.
In Braidy’s case the company has filed a draft resale shelf registration as an update on its Netcapital fundraising portal. The filing states:
“The resale shelf registration statement relates to the possible resale from time to time by certain of Braidy’s stockholders, including by investors purchasing shares in connection with Braidy’s current crowdfunding offering being conducted on the Netcapital portal,” the document states. “The reslae shelf regstration statement is also intended to facilitate the listing of Braidy’s common stock on the Nasdaq stock market.”
Notably, the company identifies itself as an “emerging growth company.” This allows the company to “rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies.”
Braidy is planning to build a major metal alloys and aluminum mill at EastPark Industrial Center. The project is expected to bring hundreds of jobs to the Tri-State region.