U.S. Companies - 2023 Guide to Listing

2023 GUIDE TO LISTING 2023 GUIDE TO LISTING 10 11 2022 MARKETS AT A GLANCE TSX TSXV TSX & TSXV Listed Issuers 1,789 1,713 3,502 Market Cap ($ Billions) 3,792 70 3,862 Median Quoted Market Value ($ Millions) 132 8.0 30 Average Quoted Market Value ($ Millions) 2,119 41 1,103 Total Equity Capital Raised ($ Billions) 21 5.9 27 Average Equity Capital Raised ($ Millions) 50 4.4 15 Going Public Activity* 113 161 274 Graduates from TSXV 16 - 16 *Includes Initial Public Offerings, Capital Pool Company IPOs, Reverse Takeovers, Qualifying Transactions, Qualifying Acquisitions and others. As of December 31, 2022. BENEFITS OF THE CANADIAN MARKETS FOR U.S. COMPANIES U.S. growth companies determining their long-term funding strategy should consider all options including traditional venture capital, private equity, and the public markets. TSX and TSXV offer a unique alternative to private venture capital that may be the right path for your company. CANADA EMBRACES SMALL CAP PUBLIC COMPANIES • Companies can go public at an earlier stage than is typical in the U.S. markets and access “public venture capital”. • TSXV is a fully regulated junior market with listing and reporting standards that are tailored to early-stage companies. • TSXV is rules-based versus the disclosurebased regime of the U.S. over-the-counter (OTC) market, which may provide comfort to investors. • The timing and costs of listing on TSX and TSXV are typically lower than listing on a U.S. exchange. • TSX and TSXV provide several listing options that are ideal for small cap companies, from the traditional IPO to a reverse merger into an existing shell or a Capital Pool Company® (CPCTM). • Many companies have started their public market journey on TSXV and accessed growth capital and, when ready, have elected to expand their investor base by graduating to TSX and/or dual listing on a U.S. exchange. NO LONGER JUST A RESOURCE EXCHANGE • Built on a strong history of financing resource companies, TSX and TSXV now welcome a diverse list of companies. • 40% of corporate listings (by market cap) are tech, cleantech, life sciences, and diversified industries on TSX and TSXV. • Innovation has been the #1 sector on TSX and TSXV for IPOs and new listings for the past five years. • $62 billion in equity capital was raised by the Innovation sector in the past 5 years. • 1,700+ financings completed by the Innovation sector in the past 5 years. TSXV: A UNIQUE PATH FOR U.S. COMPANIES Potential to maintain greater control than with private venture capital Use stock as currency for acquisitions and employee incentives Provide a path to liquidity for early investors and employees Opportunity to complete multiple rounds of capital on a market with a robust retail investor base Potential to delay Securities and Exchange Commission (SEC) registration in accordance with certain exemptions and status while complying with Canadian securities regulations Graduate to TSX which can lead to greater analyst coverage, institutional investor interest and overall exposure After a year on TSX or TSXV, potential to take advantage of the Multi-Jurisdiction Disclosure System (MJDS) and dual list onto a U.S. exchange through a streamlined and cost-effective path