解説 / Analysis
Why Japanese microcaps fall after their Nasdaq debut
Listing is one thing; holding the price is another. Liquidity, float and the absence of IR — reading the lessons from the deals we track.
Listing is one thing; holding the price is another. Liquidity, float and the absence of IR — reading the lessons from the deals we track.
A handful of bookrunners recur across Japan's small-cap US listings. Reading the league table for who's actually doing these deals.
ADR, Cayman reorg, KK direct listing, US-domestic S-1. The main structures a Japanese issuer chooses — with real examples.
From SEC registration fees to audit, legal and IR — decomposing what a US listing actually costs a Japanese issuer.
Thin domestic liquidity meets US institutional access. The structural case behind the Japan→Nasdaq migration.
Listing isn't the finish line. 20-F/6-K, PCAOB audits, governance — the ongoing obligations of staying listed.
Bookrunner, auditor, US counsel, IR. Decomposing the vendor template Micware set and later deals copied.
Post-filing comment cycles drive the timetable. Using a filed direct listing — Metros (MTRS) — to triage what actually matters.
PCAOB-registered capacity and inspection risk: how auditor selection shapes timetable and credibility.