Acuren Corporation Announces Effectiveness of its Registration Statement and Completion of Domestication

Rhea-AI Summary

Acuren has announced two significant developments: First, the SEC has declared effective its Registration Statement on Form S-4 (File No. 333-282976) as of December 16, 2024. Second, the company has completed its re-domiciliation from the British Virgin Islands to become a Delaware The company expects to begin trading on the OTC Market before year-end and plans to apply for NYSE listing in Q1 2025.

Positive

• Successful completion of re-domiciliation to Delaware, potentially improving corporate governance and investor accessibility
• Planned uplisting to NYSE in Q1 2025, which could increase stock visibility and liquidity
• SEC effectiveness of Registration Statement, indicating regulatory compliance

Negative

• Temporary trading on OTC Markets before NYSE listing, which typically means lower liquidity and wider spreads

Insights

Legal Expert

The domestication of Acuren from the British Virgin Islands to Delaware marks a significant strategic shift with notable implications. Delaware's corporate-friendly laws and established legal precedents provide enhanced clarity and protection for shareholders. The S-4 registration effectiveness coupled with planned NYSE listing signals a move towards increased market accessibility and liquidity. The transition from BVI to U.S. jurisdiction also brings stricter regulatory oversight and reporting requirements under SEC rules, potentially improving transparency for investors. This corporate restructuring could facilitate easier access to U.S. capital markets and broader institutional investor participation.

Financial Analyst

This corporate reorganization represents a strategic upgrade in Acuren's market positioning. The pending OTC Market trading followed by planned NYSE listing in Q1 2025 suggests a methodical approach to accessing larger pools of capital and improving stock liquidity. Delaware incorporation typically commands higher valuations due to stronger investor protections and familiar legal framework. The move should expand the potential investor base, particularly among institutional investors who may have restrictions on investing in foreign-domiciled companies. This transition could reduce the company's cost of capital and improve its ability to raise funds in U.S. markets.

TOMBALL, Texas--(BUSINESS WIRE)-- Acuren Corporation (the “Company”) announces that, effective as of December 16, 2024, its Registration Statement on Form S-4 (File No. 333-282976) has been declared effective by the U.S. Securities and Exchange Commission and it has completed its re-domiciliation from the British Virgin Islands into a Delaware corporation (the “Domestication”). The Company anticipates its common stock will begin trading on the OTC Market prior to the end of the year. The Company intends to apply to list its common stock on the New York Stock Exchange during the first quarter of 2025.

About Acuren:

Acuren is a leading provider of critical asset integrity services. The company operates primarily in North America serving a broad range of industrial markets. It provides these essential and often compliance-mandated (often at customer locations) services in the industrial space and is focused on the recurring maintenance needs of its customers. The work Acuren does fits in the service category referred to as Testing, Inspection and Certification (TIC) including Nondestructive Testing (NDT) in the field and the laboratory and in-lab destructive testing capabilities. More information can be found at https://www.acuren.com/.

Forward-Looking Statements and Disclaimers:

This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company.

This press release contains forward-looking statements which are based on the Company’s expectations, intentions and projections regarding (i) listing on the New York Stock Exchange and (ii) the commencement of trading on the OTC Market. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241217332662/en/

Investor Relations Inquiries:

Email: IR@acuren.com

Source: Acuren Corporation

FAQ

When will Acuren begin trading on the NYSE?

Acuren plans to apply for NYSE listing during the first quarter of 2025, though the exact trading date will depend on the application approval process.

What does Acuren's domestication from BVI to Delaware mean for investors?

The domestication means Acuren has changed its jurisdiction from the British Virgin Islands to Delaware, USA, which typically provides stronger corporate governance and better investor protections under U.S. laws.

When was Acuren's S-4 Registration Statement declared effective?

Acuren's Registration Statement on Form S-4 (File No. 333-282976) was declared effective by the SEC on December 16, 2024.

Where will Acuren's stock trade before its NYSE listing?

Acuren's common stock will trade on the OTC Market before the end of 2024, prior to its planned NYSE listing.