On July 24, 2023, BioNexus Gene Lab Corp. (“BioNexus” or the “Company”) (Nasdaq: BGLC), a Kuala Lumpur-based emerging firm involved in selling chemical raw materials and pioneering safe, effective, and non-invasive liquid biopsy tests for early diagnosis and personalized health management, successfully uplisted from OTC Markets to the esteemed Nasdaq Capital Market, becoming the first Malaysian company to join Nasdaq through uplisting.
BioNexus completed its IPO, pricing its shares at US$4.00 each, which resulted in total gross proceeds of US$5.75 million. The Company’s units have been trading on the Nasdaq stock exchange since July 20, 2023, under the ticker symbol “BGLC.”
Apart from BioNexus Gene Lab Corp., there are currently four other Malaysian companies that have successfully listed on Nasdaq through conventional IPOs since August 23, 2022. The increasing number of Malaysian companies opting to list on Nasdaq reflects the confidence and attractiveness of the US market for international firms seeking global exposure and access to a wide investor base. This trend highlights the strong potential and competitiveness of Malaysian businesses in various industries, as well as their ability to meet the stringent listing requirements and regulatory standards set by Nasdaq.
Uplisting refers to the process where a company already listed on stock exchange (such as OTC Markets or the Pink Sheets) decides to move its shares to a major stock exchange, like the Nasdaq or New York Stock Exchange (NYSE). Uplisting typically occurs when the company meets the specific listing requirements of the larger exchange, including higher financial standards, a certain minimum share price, and increased reporting and compliance obligations.