- Softbank Group Corp SFTBY founder and CEO Masayoshi Son stressed the possibility of British-based chip designer unit Arm Ltd listing on Nasdaq pending a final decision, Reuters reports.
- "Most of Arm's clients are based in Silicon Valley and ... stock markets in the U.S. would love to have Arm," Son told at the annual general meeting.
- Son acknowledged requests for listing Arm in London without further elaboration.
- Also Read: Softbank Continues To Lose Key Official In Quick Succession
- Son did not reveal plans of any possible secondary listing for Arm in London.
- However, SoftBank weighed the listing of some of its stake in the British chip designer on the London Stock Exchange, switching from an earlier plan to only use the U.S. market, Bloomberg reports.
- Son's speech mainly focused on the business prospects for Arm, which the company has pivoted to listing following the collapse of the Nvidia Corp NVDA deal.
- Qualcomm Inc QCOM, one of the protestors of the Nvidia deal, had previously expressed interest in procuring a stake in Arm's impending IPO.
- Arm was listed in Britain with a secondary listing in the U.S. before SoftBank scooped it in 2016.
- SoftBank has borrowed $8 billion against Arm's shares and procured $13.2 billion using shares in Alibaba Group Holding Limited BABA in prepaid forward contracts.
- Son preached patience to the investors as the valuations of his favorite high-growth stocks plunged and interest rates climbed, with SoftBank's Vision Fund unit reporting a record loss in May.
- Photo via Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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