Silicon Valley based human resources startup 1-Page is doing a reverse takeover of ASX listed InterMet Resources.
It’s the latest startup to firm up a back door listing on the ASX through a mining shell or exploration company.
Junior explorer InterMet Resources, which holds a number of tenements in Western Australia and Queensland, today exercised its option to acquire the startup. 1-Page founder Joanna Weidenmiller told Business Insider the startup was looking to list on the ASX because it enables the company to provide “transparency and security to clients”.
She said the Sydney time zone also integrates well with Asia and listing on the ASX means Weidenmiller can maintain control of the company’s direction and won’t have to “hand off too much control to venture capitalists”.
Down the track 1-Page will look at a dual listing.
“Our intention is to go onto the NASDAQ,” she said.
“The NASDAQ looks at the ASX as a strong springboard,” she said, adding if the company moves to be dual listed in the future the NASDAQ’s market cap requirements will be less.
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