RE: ROADMAP TO NASDAQ
Following our Merger Announcement Update, we would like to provide further insights to our shareholders the progress of the up listing, the “ROADMAP TO NASDAQ”. We have categorized the whole up listing process into 3 phases.
The first phase estimates to take about 5 months for completion and estimate to complete by 2nd quarter of 2018, which comprised the acquisition of projects, assets valuation and environmental report analysis. This includes the merger exercise, commencement of Environmental Impact Assessment Review for the sea sand project which have already started and in progress, commencement of Granite Hill Valuation analysis and lastly but not least the corporate conference which is targeted to be held in April 2018. Upon completion of merger exercise, GMCI share certificates will be converted to NAMI share certificates during the same time. A separate memo will be sent out to all investors detailing the share swap procedure as well as the share trading procedure. All these are being planned and shall be executed in Phase 1.
Phase 2 will be the most crucial part and where it will involve the up-listing exercise. It will be the kick start of Nasdaq listing, it involves the US due diligence listing team visit to Malaysia where they will be here to evaluate and study on our listing core business, we foresee it will be two rounds of visit , one will be earlier of the year before June’18 which is a preliminary visits and thereafter, Nami Management team will be visiting the US Nasdaq to undergo the listing interview which is targeted to fall in the month of Aug’18.
Phase 2 also involve the preparation of IPO Prospectus preparation, Corporate Governance Committee set up, Independence Committee set up, Audit Committee set up, etc. as well as the submission for up listing approval. The entire phase 2 is estimated to commence in the second half of 2018.
The final phase 3 is the approval to Nasdaq and Ring the Bell. From the approval to Ring the Bell estimates only takes 1 month.
GMCI Management Team