The company, which produces automated electric mowing equipment, will seek to trade under the ticker symbol FFLY. By pursuing a direct listing rather than a traditional initial public offering, FireFly avoids the standard underwriting process, allowing current shareholders to sell their stakes directly to the market.
In section Market Quotes
FireFly Robotics Prepares for Nasdaq Direct Listing
27.1 million shares are heading to the open market as FireFly Robotics moves toward a direct listing on the Nasdaq. The electric mower manufacturer revealed in a recent regulatory filing that existing stockholders intend to resell this significant block of equity, opting for a non-underwritten approach to the public exchange.
According to the disclosure filed with the Securities and Exchange Commission, the stated figure represents the maximum amount of stock available for resale. Holders retain the discretion to withhold some or all of their shares depending on market conditions, meaning the final volume hitting the Nasdaq boards could fluctuate.
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