BioStem Technologies, Inc. said its shares will begin trading on the Nasdaq Capital Market on August 7, moving up from the over-the-counter market. The ticker remains BSEM. The company said shareholders need take no action as a result of the listing, and the release disclosed no concurrent offering or capital raise.
Chairman and chief executive Jason Matuszewski described the uplisting as a milestone reflecting progress in strengthening the company's foundation, streamlining operations and executing on its core strategy. The company gave three reasons for the move: expanding access to capital, improving market visibility and liquidity for shareholders, and strengthening its ability to attract talent.
Uplistings are most often paired with an offering, because the exchange's listing standards and the capital need tend to arrive together. One that arrives without a raise is the less common shape, and it puts the emphasis on the qualification itself rather than the financing. Whether that access to capital gets used is a question for subsequent filings.