Accounting Firm Kelly+Partners Faces Debt Barrier to Nasdaq Listing
1 report, 1 independent
Updated Sep 22
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What happened
Kelly+Partners, an accounting firm, is pursuing a listing on the Nasdaq exchange. The firm plans to abandon the Australian share market as part of this process. The company must first clear a $6.3 million debt that was extended to its chief executive, Brett Kelly.
From afr.com
Why it matters
The $6.3 million was originally an intercompany loan. United States securities law prohibits listed companies from maintaining personal loans to directors, making this debt a significant barrier to the company achieving its listing goals.
From afr.com
Who's involved
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The entities involved
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Nasdaq
American fully electronic stock exchange
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