ASHLAND, Ky. (KT) – Braidy Industries Inc. took its first official step toward becoming a public company by submitting a draft resale shelf registration statement to the United States Securities and Exchange Commission on Dec. 31 on a confidential basis.
The statement relates to possible resale from Braidy’s stockholders, including by investors purchasing shares in connection with Braidy’s current crowdfunding offering being conducted on the Netcapital portal.
The resale shelf registration statement is also intended to facilitate the listing of Braidy’s common stock on the Nasdaq Stock Market.
Unlike a traditional initial public offering, any resale of Braidy’s shares would not be underwritten by any investment bank. Braidy would not receive any proceeds from any sale of its shares by the selling stockholders.
The ability of stockholders to commence sales under the resale shelf registration statement would be subject to Braidy publicly filing with the SEC a registration statement on Form S-1 in compliance with the U.S. Securities Act of 1933, as amended and the SEC’s declaring such registration statement effective.
Braidy is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. For as long as Braidy remains an emerging growth company, it will be permitted and plan to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies.
Company officials cannot publicly comment due to SEC restrictions.
The company is trying to build a $1.68 billion aluminum mill in northeastern Kentucky backed by the Kentucky legislature’s unanimous approval of a $15 million investment. It is expected to bring 600 high-paying jobs to the economically weakened part of the state.
The update said Braidy has spent approximately $15.7 million on construction of the Braidy Atlas mill, including purchasing the land where the mill will be built, design and engineering plans, procurement of necessary permits and other governmental approvals.
The expenditures also cover site preparation work and the June 2018 groundbreaking, negotiating engineering, procurement and construction agreements, working with utilities to ensure the site will have the requisite electric, water and gas service once it is operational, and professional services.