ASHLAND, Ky. – Braidy Industries Inc. took its first official step toward becoming a public company by submitting a draft resale shelf registration statement to the United States Securities and Exchange Commission on Dec. 31 on a confidential basis.
The statement relates to possible resale from Braidy’s stockholders, including by investors purchasing shares in connection with Braidy’s current crowdfunding offering being conducted on the Netcapital portal.
The resale shelf registration statement is also intended to facilitate the listing of Braidy’s common stock on the Nasdaq Stock Market.
Unlike a traditional initial public offering, any resale of Braidy’s shares would not be underwritten by any investment bank. Braidy would not receive any proceeds from any sale of its shares by the selling stockholders.
The ability of stockholders to commence sales under the resale shelf registration statement would be subject to Braidy publicly filing with the SEC a registration statement on Form S-1 in compliance with the U.S. Securities Act of 1933, as amended and the SEC’s declaring such registration statement effective.
Braidy is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. For as long as Braidy remains an emerging growth company, it will be permitted and plan to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies.