Leveraging New Rules to Drive Your Cross-Border Public Offering
When Nasdaq rule changes took effect that opened a new pathway for Canadian issuers to access U.S. public markets through ADS/ADR structures, Nicola Mining Inc. (TSX.V: NIM; OTCQB: HUSIF; FSE: HLIA) saw an opportunity. The Canadian-based mining company turned to Cozen O’Connor for help with its underwritten public offering of American Depositary Shares (ADSs) and accompanying warrants in a transaction that marked a significant milestone in cross-border capital markets.
With Cozen O’Connor’s advice on the structure and execution of the offering and Nasdaq listing, Nicola Mining became the first Canadian issuer to list American Depositary Receipts (ADRs) on the Nasdaq Capital Market in connection with an underwritten ADS/ADR offering. The ADSs began trading on Nasdaq under the ticker symbol “NICM” on April 14, 2026. The offering reflects growing momentum among Canadian companies seeking cross-border capital markets opportunities and enhanced access to U.S. investors.
“As this was a first-of-its-kind transaction, there was no established playbook,” said Nicola Mining CFO Sam Wong. “Cozen O’Connor worked collaboratively with us to navigate the uncertainties, and together we successfully brought the transaction across the finish line.”
Cozen O’Connor’s Capital Markets & Securities Practice advises issuers, underwriters, and investors across the full capital lifecycle, including public and private financings, cross-border offerings, IPOs, and regulatory compliance. The firm regularly counsels Canadian and U.S. companies on navigating complex securities laws and accessing international capital markets.