TSX | TSXV Guide to Listing 2026 13 A two-step alternative to the traditional IPO The CPC Program is a unique listing vehicle that can make particular sense for smaller companies going public. The program connects experienced investors with private companies by dividing the traditional IPO process in two: the creation of the CPC public vehicle shell and the Qualifying Transaction (QT). Capital Pool Company® (CPC) Program CPC Success Story To learn more about the modernization of the CPC Program, visit tsx.com/cpc. As of December 31, 2025. *The CPC Program was created in 1986. 2,850+ CPCs listed since program inception* 86% of CPCs have completed their QT, with 27 QTs in 2025 80 former CPCs currently trade on TSX $8.7B raised by former CPCs in the last five years on TSXV $10.7B raised by former CPCs in the last five years on TSX Concurrent financing to arms length investors CPC: Founders provide seed capital and create corporate vehicle, then IPO to provide public distribution. *The percentages used are for illustration purposes. The terms of each transaction are negotiated between the CPC Founders and the Private Company. Private Company Looking to raise capital and get liquidity for shareholders New public company 60-70% of Resulting Issuer ownership is retained by private company shareholders, maintaining control. 5-10% of Resulting issuer* 20%+ of the Resulting Issuer*
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