GSTechnologies Ltd (LSE:GST), the London-listed fintech, has announced progress in its plans to list its cybersecurity subsidiary Semnet on the NASDAQ exchange in the United States.
In a legally binding agreement signed with Trident Global Capital, GSTechnologies outlined steps for the proposed listing.
Trident will manage transaction expenses for both parties, which is expected to total $2 million.
GSTechnologies will advance 20% of these costs, which will be reimbursed if the listing is successful.
Trident will also select a US-based corporate finance adviser and broker, subject to GST’s approval.
The agreement values Semnet at $54 million, making GST’s 67% stake worth $36 million, provided the listing goes ahead as planned.
Semnet is a Singapore-based cybersecurity consultancy that uses machine learning to automate and streamline security processes.
Its platform integrates Internet of Things (IoT) technology with advanced automation, enabling seamless, human-free protection of company assets.