Wise, a London-based financial technology company, has decided to undertake a direct listing on the London Stock Exchange. As such, Wise will apply for its class A shares to be admitted into the standard listing segment of the FCA as well as the London Stock Exchange’s main market for listed securities.
“I am pleased to confirm our plans for a direct listing in London. This process will broaden the ownership Wise, in support of our mission to move money around the world faster, cheaper and more conveniently” says Kristo Käärmann, CEO and co-founder of Wise.The share price of these class A shares will be determined by an auction that will be held on the day that the class A shares are admitted by the London Stock Exchange.
See also: Wise now integrated on Google Pay
According to the announcement put out on June 24, there will now be two different classifications of stocks at Wise-class A and B shares. Class B shares are nontradable, unlisted, hold 9 votes per share, and will expire on the fifth anniversary of any listing.
Wise shareholders will vote on whether to decide if they can receive 50% of their class A shares with a corresponding amount of class B shares on a 1:1 basis.
The voting rights of class B shareholders are subject to change due to regulations. No shareholder, with the class B share they own, allot more than one vote less than 35% of the eligible votes.
Photot: Wise
