Liberty Defense Holdings, Ltd. announced the filing of a registration statement on Form F-1 with the U.S. Securities and Exchange Commission as the initial step toward a proposed initial public offering of its common shares in the United States. The company also has applied for its common shares to be admitted to trading on the Nasdaq Capital Market.
At this stage, Liberty Defense has not specified how many shares it plans to offer in the proposed transaction nor provided a price range for the potential offering. The company stated that the offering remains subject to market conditions and must clear the SEC review process before moving forward.
Deal management and procedural status
The Benchmark Company, LLC is named as sole bookrunning manager for the proposed offering. Liberty Defense made clear in its public filings that the registration statement has been submitted to the SEC but has not yet become effective. As such, the securities covered by that filing may not be sold until the registration statement becomes effective under SEC rules.
Business focus and technology
Liberty Defense develops security systems intended for concealed weapons detection in locations characterized by high foot traffic. The company cited airports, stadiums and schools as target environments for deployment of its technology. Liberty Defense holds an exclusive license from the Massachusetts Institute of Technology for a product marketed as HEXWAVE. According to the filing, HEXWAVE uses active 3D radar imaging technology designed to detect both metallic and non-metallic weapons.
Current trading venues
Until and unless the U.S. registration becomes effective and a Nasdaq listing is secured, Liberty Defense maintains trading listings on other exchanges. The company currently trades on the TSX Venture Exchange under the symbol SCAN, on the OTCQB market in the United States as LDDFF, and on the Frankfurt Stock Exchange as E30.
The company’s filing outlines the procedural steps it is pursuing in order to expand access to U.S. public investors, while preserving the contingent nature of the offering pending regulatory clearance and market conditions.