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Boustead’s Dan McClory and Former Nasdaq CEO Bob Greifeld Discuss New Rules for Chinese IPOs

ree — Boustead's Dan McClory (left) and Former Nasdaq CEO Bob Greifeld, current Chairman of Virtu Financial, Inc.

Boustead Securities' Dan McClory, Head of Equity Capital Markets and Head of China is featured in International Financial Law Review's article by John Crabb, US Equity Market Tightens Noose on Chinese Listings, alongside former Nasdaq CEO Bob Greifeld, discussing market trends and Nasdaq's new rule proposals for IPOs requiring at least US$25 million offerings or 25% public floats in order to list on the exchange.

While many of these restrictions will directly impact Chinese firms looking to list, Dan shared his optimism for continued US listings of Chinese companies and IPOs.

“It is incredibly refreshing that Nasdaq has now codified and has taken the subjective to the objective, and has actually laid out what firms need to do with these proposed new rules if they want to list from one of the restricted markets,” said Dan in the IFLR article last week.

Previously, Nasdaq had used the broad discretion in the listing qualification department to give feedback to issuers via comment letters. The feedback was never codified, but now, if you want to list, there are stated restrictions. This has resulted in actual changes to in-process deals, because companies are willing to do what it takes to get listed – within reason.

“All of this banter about not wanting Chinese companies, about stopping Chinese companies or delisting Chinese companies has been mischaracterised because of the political environment,” added McClory. “It's easy to fall into that trap.”

"A friend of mine who runs an investment bank that specialized in Chinese listings has been asking me when this would happen," said Bob Greifeld, former Nasdaq CEO, who previously served as Chairman of the Board of Directors of The Nasdaq Stock Market LLC (“Nasdaq”) until May 10, 2017 and as Chief Executive Officer of Nasdaq from 2003 to 2016, in the IFLR story. "Shockingly, he was actually very happy with the Nasdaq move in that there is clarity and a bright line that he has to shoot for with respect to listings."

"Whether it hits the number of listings or not, at least it takes him out of the great unknown," he added. "The complaint was that he was selling listings into Nasdaq and it was opaque, while the exchange was contemplating these new rules all approvals slowed down."

"To be clear, he does agree that there is going to be a reduction in the number of new listings per se, but this is the most upbeat he has been in years," concluded Greifeld, currently the Chairman of Virtu Financial, Inc. (“VIRT” on Nasdaq), a leading provider of global, multi-asset, financial services and products across the complete investment cycle.

Read the full IFLR article by John Crabb here.

ree — Dan McClory and Boustead’s Ada Niu in Beijing.

China IPOs

Seventy percent of Boustead Securities' underwriting clients in 2019 were Chinese. With offices in London and Beijing, Boustead is uniquely prepared to assist Chinese and US companies interested in:

London, US and China capital markets
The current market environment in mainland China
Opportunities for Chinese issuers internationally
IPO Underwriting and Sponsorship
Debt issuance
Special purpose acquisition companies (“SPACs”)
Accessing capital on the London Stock Exchange

Boustead & Company’s CEO Dan McClory, Boustead’s Beijing-based Director Ada Y. Niu and Boustead Capital Markets London-based Director David Peerless are available to advise and answer questions, and act immediately on behalf of qualified companies.

Dan McClory

Daniel J. McClory founded Boustead & Company Limited in 2016 and serves as Managing Director and Head of Equity Capital Markets and Head of China at Boustead Securities, LLC. He is based in Boustead’s Irvine, California offices. He previously held the same positions at Bonwick Capital Partners, LLC, Burnham Securities Inc. and at Hunter Wise Financial Group, LLC over the past 17 years. His teams have ranked in the Top Ten of league tables for placement agents, won 'Deal of the Year' at the M&A Advisor Awards, and completed IPOs and transactions for clients listed on NASDAQ, the NYSE, the London Stock Exchange, Toronto Stock Exchange, the Stock Exchange of Hong Kong, the Australian Securities Exchange, and the Irish Stock Exchange. Mr. McClory serves on the Boards of the USA Track & Field Foundation, the Eastern Michigan University Foundation, the American Savoy Foundation, and the Gen Next Foundation, where he listed the first-ever foreign-funded, venture philanthropy-backed IPO on Bovespa's Social Stock Exchange in Brazil. Mr. McClory earned a B.S. in English and a Masters in Language and International Trade from Eastern Michigan University, and in 2010 was awarded an honorary Doctor of Public Service degree from the school when he gave the Commencement Address. Contact Dan McClory Head of China & Equity Capital Markets (949) 233-7869 Dan@Boustead1828.com

Bob Greifeld

Robert Greifeld, is a co-founder of North Island and Chairman of Virtu Financial, Inc. He previously served as Chairman of the Board of Directors of The Nasdaq Stock Market LLC (“Nasdaq”) until May 10, 2017 and as Chief Executive Officer of Nasdaq from 2003 to 2016. During his tenure, Mr. Greifeld led Nasdaq through a series of complex, innovative acquisitions that extended the company’s footprint from a single U.S. equity exchange to a global exchange and technology solutions provider, nearly quadrupling revenue, growing annual operating profits by more than 24 times and achieving a market value of over $11 billion. Mr. Greifeld is a member of the Economic Club of New York and the NYU Stern Board of Overseers. He is Founder and Chairman of the USA Track & Field Foundation, which supports emerging athletes and inner-city youth athletics. Mr. Greifeld holds a Masters in Business from New York University, Stern School of Business, and a B.A. in English from Iona College. Source: ir.virtu.com

About Boustead & Company Limited

Boustead & Company Limited is a diversified and comprehensive non-bank financial institution with offices in Los Angeles, New York, San Francisco, London and Beijing that is rapidly expanding in growth markets throughout the US and Asia. Through its principals and fully licensed subsidiaries, Boustead & Company possesses rich experience and exceptional capabilities in capital markets deal execution and is dedicated to providing best-in-class one-stop financial services to clients. Boustead’s comprehensive financial services platform consists of four operating units: Boustead Securities, LLC a US-based FINRA Broker/Dealer and middle-market investment bank; Sutter Securities Group, Inc., which owns three FINRA-regulated entities, Sutter Securities, Inc., Sutter Securities Clearing, LLC and FlashFunders Funding Portal, LLC, along with Sutter Securities Financial Services, Inc. and fund manager Sutter Capital Management, Inc.; Boustead Capital Partners, LLC a California Registered Investment Advisor; and Boustead Capital Markets, LLP a London-based FCA-regulated company. For more information, please visit www.bousteadco.com.

About Boustead Securities, LLC

Boustead Securities, LLC (“Boustead”), a member of FINRA and SIPC, is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information, please visit www.boustead1828.com.

Boustead Securities’ Client, Nano-C, Inc., Conducts Initial Convertible Note Closing

Boustead Securities, LLC (“Boustead”) client Nano-C, Inc. (“Nano-C” or the “Company”), a leading producer of patented nanostructured carbon, including fullerenes, single-walled nanotubes (SWCNT), and their chemical derivatives, announced an initial closing of $1,000,000 in Convertible Note proceeds to 11 accredited investors.

The private placement consisted of Convertible Notes that bear annual interest of 12% and mature on August 31, 2021. The Notes were priced at a 30% discount to Series B pricing of $0.23 per share and include Warrants that were granted on a 1 to 1 basis (i.e., the number of Warrant shares will be equal to the number of Common Shares on an as converted basis). The Warrant exercise price per share is $0.23 and the Warrants expire March 31, 2025.

The Company may continue offering additional Convertible Notes and Warrants on substantially the same terms until August 31, 2020 (unless extended at the discretion of the Company) or until the Company has raised a maximum of $4 million (unless increased at the discretion of the Company) in gross proceeds (or such other amount determined by the Company in its discretion).

Nano-C is focused on fundamental technology trends: the roll-out of 5G, connectivity driven by the Internet of Things, the race to extend Moore’s Law, and the move to address climate change through sustainable energy generation. Proprietary materials produced by Nano-C are critical links in the value chain for next-generation electronics, sensors and semiconductor manufacturing. Nano-C’s advanced materials platform encompasses a portfolio of unique solutions protected by over 150 global patents across 46 patent families. Nano-C, Inc. manufactures materials that power innovation and plans to initially enter the high sensitivity sensor and EUV semiconductor manufacturing markets for next generation smartphones. Each of these markets has large patent ranges and potentially translate into significant market opportunities.

Click here to learn more about this offering

For more information please contact: Pete Conley, Head of Intellectual Property (IP) Banking Phone: 310-383-7874 Pete@boustead1828.com

This press release is not a solicitation or offer to buy or sell securities. For illustrative purposes only. Investments may be speculative, illiquid and carry a risk of loss. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved.

About Nano-C, Inc. Nano-C is a leading innovator and manufacturer in the chemistry of nanostructured carbon, including fullerenes, carbon nanotubes (CNT), and their chemical derivatives. These materials are critical elements in emerging high-value applications in the electronics and energy markets. Through its patented products and processes, and its distinct competencies in the chemistry of these materials, Nano-C is enabling a revolution in device design, manufacture and performance, and it is committed to their responsible development and use. For more information, please visit our website at www.nano-c.com About Boustead Securities, LLC Boustead Securities, LLC (“Boustead”) is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information, please visit www.boustead1828.com. About Sutter Securities Group, Inc. Headquartered in Irvine, California, Sutter Securities Group, Inc. (“SSG”), founded in 2013, through its affiliates, is an innovator and investment banking solutions provider. SSG owns and operates Sutter Securities Clearing, LLC, and Sutter Securities Incorporated, FINRA member broker-dealers; Sutter Shareholder Services, LLC, a SEC-registered transfer agent; FlashFunders Funding Portal, LLC, a FINRA member funding portal; and Sutter Capital Management, Inc. Sutter Securities Group, through its affiliates, operates a U.S.-based online securities platform whose underlying technology and regulatory infrastructure are designed to enable issuers to engage in Regulation D, Regulation A (known as Reg A+), Regulation S, Regulation CF and fully registered S-1 and F-1 Initial Public Offerings in compliance with applicable federal, state and non-U.S. securities laws. SSG is a majority owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. Additional information is available at www.flashfunders.com. Forward-Looking Statements This announcement contains forward-looking statements. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Examples of forward-looking statements in this announcement include, but are not limited to, statements regarding our disclosure concerning the Company’s operations, cash flows, financial position and dividend policy.

Boustead IPO Client Moving iMage Tech, Announces Installation of Largest Version of “The Wall" in US

Boustead Securities, LLC (“Boustead”) IPO client, Moving iMage Technologies (MIT), a leading manufacturer, distributor, and integrator in the cinema exhibition industry, announced they have sold and assisted Samsung Electronics America, Inc. to install the largest version of The Wall in the United States. The 6 feet x 6 feet installation was completed in a private residence in Utah.

Additionally MIT sold and installed the second ever unit of The Wall in a residence in San Diego. The Wall is a ground-breaking Micro LED, large-format modular display.

The owner of the home in Utah, stated, “Samsung and MIT did an outstanding job installing The Wall system and performed all the critical tasks and communication in a professional manner. I am very proud to have teamed up with Samsung and MiT. With UHD resolution and a screen size of 16ft wide and 9ft high, the picture and images are simply gorgeous!”

Bevan Wright, Executive Vice President, Operations at MIT said, “It was a great experience working with Samsung to install The Wall system.”

Samsung recently introduced The Wall, and it is ideal for even the brightest areas of the luxury residential space, The Wall is configurable and customizable to a variety of sizes and ratios from 73” in 2K definition, to 292” in 8K definition. With a depth less than 30mm, the slim, bezel-less infinity design along with customizable décor frames allows the display to blend seamlessly into its surroundings, ensuring no disruption to the desired ambience of its environment.

The Wall offers a new user interface and experience. Based on research into the lifestyles of target consumers and their preferences, The Wall goes beyond just image quality and provides a personalized user experience. A customizable décor frame enhances the display and ensures it fits any luxury space. Thanks to the 100,000-hour lifetime of its self-emitting diodes, The Wall can be set to never turn off, but to change into a digital canvas best matching the owner's interior needs and personal mood. When the screen is not used, the Ambient Mode can display a variety of curated art from paintings, photographs and video art to customizable pictures with digital frames – that best suit the homeowner’s tastes.

The Wall is also equipped with the AI picture quality engine, Quantum Processor Flex. This delivers optimized picture quality scene-by-scene, regardless of the original source format. Quantum Processor Flex is a machine learning-based picture quality engine that analyzes millions of image data to automatically calibrate the original low resolution according to the modular screen resolution.

Whether viewing a classic movie, an anticipated sporting event or the latest console game, AI upscaling, Quantum HDR technology peak brightness of 2,000 nits and 120Hz video rate provide a rich and superior visual experience that is second-to-none.

Moving Image Technologies (MIT) Moving Image Technologies (MIT) is a manufacturer and integrator of purpose built technology and equipment to support a wide variety of entertainment applications with a focus on motion picture exhibition. MIT offers a wide range of products and services such as custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration as well as customized solutions for emerging entertainment technology. MIT’s Rydt Entertainment Systems Division provides turnkey FFE solutions for new construction and remodels to include procurement, design, consulting, installation and project management. Based in Fountain Valley California, our 28,000 sq ft facility is home to our corporate offices, engineering, manufacturing, distribution, integration as well as service and support divisions. Our primary manufacturing and warehouse location is augmented by a global network of service partners & OEM manufacturers. For more information, please visit www.movingimagetech.com. About Boustead Securities, LLC Boustead Securities, LLC (“Boustead”) is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information, please visit www.boustead1828.com. About Sutter Securities Group, Inc. Headquartered in Irvine, California, Sutter Securities Group, Inc. (“SSG”), founded in 2013, through its affiliates, is an innovator and investment banking solutions provider. SSG owns and operates Sutter Securities Clearing, LLC, and Sutter Securities Incorporated, FINRA member broker-dealers; Sutter Shareholder Services, LLC, a SEC-registered transfer agent; FlashFunders Funding Portal, LLC, a FINRA member funding portal; and Sutter Capital Management, Inc. Sutter Securities Group, through its affiliates, operates a U.S.-based online securities platform whose underlying technology and regulatory infrastructure are designed to enable issuers to engage in Regulation D, Regulation A (known as Reg A+), Regulation S, Regulation CF and fully registered S-1 and F-1 Initial Public Offerings in compliance with applicable federal, state and non-U.S. securities laws. SSG is a majority owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. Additional information is available at www.flashfunders.com. Forward-Looking Statements This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this document and other statements made from time to time by us or our representatives might not occur.