When Houston exploration-and-production company Frontera Resources Corp. went public in 2005, it raised close to $90 million in an initial public offering on the Alternative Investment Market in London instead of on the NASDAQ stock exchange in New York City.
Frontera had a number of reasons for choosing the London Stock Exchange’s AIM over NASDAQ, says Scott Harper, Frontera’s general counsel. One important consideration was the ability to avoid the cost of complying with U.S. Securities and Exchange Commission rules as well as Sarbanes-Oxley Act of 2002 regulations that apply to public companies in the United States.
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