Compare Reverse Merger to Direct Listing
Cost Comparison of a Reverse Merger vs New Public Company Reporting Company Shell
Research of shell history with securities lawyer opinion
$10,000-$15,000
Reporting company shell, (ready for filing)
$300,000-$375,000
ACAOB audits for past 3 years (required for merger)
$25,000-/$50,000
Super 8K, same content as required for an IPO
$35,000-$50,000
FINRA review, legal and market maker fees
$10,000-$20,000
DTC sponsor fees to market maker
$10,000-$20,000
New Stock Exchange Listing
$8,000-$12,000
Reverse Merger (with reporting shell)
$398,000 – $542,000
Cost Comparison of a Reverse Merger vs New Company Non-Reporting Company Shell
Step One of a Reverse Merger
Research of shell history with securities lawyer opinion
$10,000-$15,000
Non-reporting company shell, (ready for filing)
$125,000-$175,000
No audits needed to merge
$0
No SEC reports required
$0
FINRA review, legal and market maker fees
$10,000-$20,000
No DTC sponsor fees needed
$0
No new stock exchange listing fees required
Reverse Merger (with non-reporting shell)
$145,000 – $210,000
Shares issued by a company that merged with a non-reporting shell cannot be sold or traded on any stock exchange until the newly merged company completes registration with the SEC.
Cost Comparison of a Reverse Merger vs New Company Non-Reporting Company Shell
Step Two of a Reverse Merger
Audit of the shell and operating company, consolidated (non-PCAOB)
$25,000
Registration under Regulation A plus with the SEC
$50-80,000
DTC sponsor fees to market maker
$10,000-$20,000
New Stock Exchange listing fees
$8,000-$12,000
Register Company with the SEC
$145,000 – $210,000
Total Cost
Total cost for SEC company registration
$93,000-$137,000
Reverse Merger (with non-reporting shell)
$145,000-$210,000
Cost for SEC company registration
$93,000-$137,000
Both Steps for a non-reporting shell
$238,000-$347,000
Total Cost
$238,000 – $347,000
A Better, Faster, and Cheaper way to go public than a Reverse Merger Whitehall can register your company and your shares with the SEC. These are the typical costs.
Audit your operating company, (non-PCAOB)
$10,000-$20,000
Investment banking structure fees
$35,000
Registration under Regulation A plus with the SEC
$60,000
DTC sponsor fees to market maker
$20,000
Stock Exchange listing fees
$12,000
Total cost for both steps for non-reporting shell