Inc. (ASX: 360) is pleased to announce the successful completion of
its initial public offering (IPO) of securities and that it has been
admitted to the official list of the Australian Securities Exchange
The IPO was completed via an offering of Chess Depositary Interests
(CDIs) over shares of common stock (Shares) in Life360 on a 3 CDIs to 1
Share basis, at an IPO price of A$4.79 per CDI (the Offer).
Offer, Life360 issued 23.5 million CDIs to raise A$112.7m of new capital
for the Company with existing shareholders selling 6.8 million CDIs into
the Offer to realise gross proceeds of A$32.8 million. Total proceeds
raised were A$145.4 million.
The sell-down excluded the Company’s
co-founders Chris Hulls (CEO) and Alex Haro (President). The Board and
key management personnel have entered into escrow arrangements which
will see the majority of their holdings under trading restrictions until
the release of the preliminary results of the Company for the year ended
31 December 2019.
Price sensitive announcements
Similarly, a number of other shareholders have entered
into escrow arrangements which will see trading of their holdings
restricted until the release of the preliminary results of the Company
for the half year ended 30 June 2019 or, in the case of The ADT Security
Corporation, from 6 months from listing.
Life360 would like to thank its existing shareholders for their
continued support and welcomes its new investors to the register.
This press release is not an offer of securities for sale in the United
States. The CDIs may not be offered or sold in the United States absent
registration or an exemption from registration.
Life360 operates a platform for today’s busy families, bringing them
closer together by helping them better know, communicate with and
protect the people they care about most. The Company’s core offering,
the Life360 mobile app, is a market leading app for families, with
features that range from communications to driving safety and location
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Life360 is based in San Francisco and has more than 20 million
MAU located in more than 160 countries.
Life360’s CDIs are issued in reliance on the exemption from registration
contained in Regulation S of the US Securities Act of 1933 (Securities
Act) for offers of securities which are made outside the US.
Accordingly, the CDIs, have not been, and will not be, registered under
the Securities Act or the laws of any state or other jurisdiction in the
Top ASX Shares to Watch & Buy on the Australian Stock Market in 2019
As a result of relying on the Regulation S exemption, the CDIs are
‘restricted securities’ under Rule 144 of the Securities Act. This means
that you are unable to sell the CDIs into the US or to a US person who
is not a QIB for the foreseeable future except in very limited
circumstances until after the end of the restricted period, unless the
re-sale of the CDIs is registered under the Securities Act or an
exemption is available.
To enforce the above transfer restrictions, all
CDIs issued bear a FOR Financial Product designation on the ASX. This
designation restricts any CDIs from being sold on ASX to US persons
However, you are still able to freely transfer your CDIs
on ASX to any person other than a US person who is not a QIB. In
addition, hedging transactions with regard to the CDIs may only be
conducted in accordance with the Securities Act.
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The Key PR