Ferrovial, the construction group founded by the Del Pino family, It plans to debut on Nasdaq this first quarterAccording to the prospectus submitted by the company to the US market regulator SEC, the ‘assets’ are at the same value as announced, at $36 per share, at the same price at which it listed on the Amsterdam Stock Exchange. This price is similar to the listed price of the company’s securities on Euronext and the Spanish stock exchange, where each share is exchanged for around 33.4 euros.
The company justifies its interest in listing on NasdaqCompared to other US indices due to the strong presence of technology companies and the strong revaluation this market has. The group states that Nasdaq rose up to 55% due to the influence of groups such as Apple, Microsoft and Nvidia.
The document filed by Ferrovial with the SEC analyzes all current risk factors surrounding its business, which is common in such prospectuses. Risks cited by the group include the possibility of reputational damage in Spain due to the transfer, or the possibility that the Government will penalize the group for the change of corporate headquarters and have to pay more taxes than expected. The company is also warning future shareholders in the U.S. that they could be exposed as it tries to protect its rights.Since the valid jurisdiction for Ferrovial is Dutch or Spanish and in no case the United States.
Lower liquidity
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In the document sent to the SEC, Ferrovial also points out that being listed in three countries at the same time may affect liquidity. (Spain, Netherlands and United States). One of the innovations is that the company acknowledges that it will incur additional costs due to its early listing on Nasdaq, especially in terms of legal and accounting, to carry out legal compliance processes.
Ferrovial also warns that it has identified “material weaknesses” in its internal controls over financial reporting., so you’ve already hired external counsel to solve this problem. “If we fail to address these material weaknesses or develop and maintain an effective system of internal controls, we may not be able to produce timely and accurate financial statements or comply with applicable laws and regulations, which could have adverse effects on our business and the price of our securities,” the company elaborates.