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• W326584799 abstract "CASE DESCRIPTONA reverse merger takes place when a public company, commonly known as a shell, acquires a private operating company through a share exchange transaction. The public shell typically has no business operations, but is valuable because of its public trading status. Post-merger, the operating company's owners take control of the newly formed public company. Reverse mergers have long been used in the U.S. as an alternative to achieve public trading status. Conventionally, foreign companies wishing to cross list their shares in the United States have followed the old-fashioned initial public offering (IPO) process. Their shares, typically in the form of American Depositary Receipts (ADRs), are registered with the SEC and are listed on a major stock exchange. In recent years, however, an increasing number of Chinese companies have gained U.S. market listing through reverse mergers. This article provides a detailed case study of an actual reverse merger. The case is appropriate for upper-level undergraduate or graduate finance courses such as corporate finance. Students should have the basic knowledge about the financial markets and corporate finance. Students can work individually or in teams on this project, which requires around 5-8 hours outside of class to complete. Classroom presentations and discussions should be arranged in a regular, 2-hour class.CASE QUESTIONS1. Discuss the pros and cons of an initial public offering (IPO), which is the conventional approach for a foreign company to raise equity capital the U.S. capital market.A foreign company wishing to raise equity capital in the United States may choose the conventional initial public offering (IPO) process. The shares, typically in the form of American Depositaiy Receipts or ADRs, are registered with the Securities and Exchange Commission (SEC) and are listed on a major stock exchange. ADRs are negotiable certificates (denominated in U.S. dollars) that are issued by a U.S. depositary bank to represent the underlying shares of a foreign stock. ADRs are sold, registered, and transferred in the U.S. in the same manner as any share of stock.Students are encouraged to do their own research to learn more about the details of ADRs. They will find that there are several types of ADR programs: Level 1, Level 2 and Level 3. Level 1 programs are not listed on a stock exchange such as the New York Stock Exchange (NYSE) or Nasdaq. Rather, they are available for retail investors to purchase and trade in the over-the-counter (OTC) market. The foreign issuer can maintain home market accounting and disclosure standards and is not required to reconcile its financial statements to US GAAP. However, Level 1 programs cannot be used to raise new equity capital in the US. Level 2 ADR programs are more complicated for a foreign company than Level 1 programs. To set up a Level 2 program, the foreign firm must file a registration statement with the SEC and is under the SEC regulation. However, Level 2 programs cannot be used to issue new share or raise new equity capital. Level 3 ADR programs are the highest level a foreign company can have. Setting up a Level 3 program means that the foreign company is not only taking some of its shares from its home market and depositing them to be traded in the U.S. It is actually issuing shares to raise capital. These are the U.S. initial public offerings (IPOs) by foreign companies. To complete a Level 3 program, the foreign company has to follow the SEC registration process by disclosing its financial information. Additionally, it has to comply with the US GAAP accounting standards in its filings. After the IPO, periodic filings with the SEC are also required.The advantage of an IPO is that it allows the foreign firm to gain direct access to the U.S. capital market. The firm can issue new shares using a Level 3 program, and the shares (or ADRs) will be listed on a formal exchange such as the NYSE or Nasdaq. …" @default.
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• W326584799 date "2012-01-01" @default.
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• W326584799 title "Shortcut to the U.S. Markets through Reverse Mergers: Teaching Notes" @default.
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