UCASU jump-starts its plan of NASDAQ or NYSE up-listing in 2023
Atlanta, GA -- January 26, 2023 -- InvestorsHub NewsWire
-- UC Asset LP (OTCQB: UCASU)
management announces that the company has jump-started its plan to
up-list to a major exchange, probably NASDAQ or NYSE, after it had
put on hold this plan for about six months.
“Twelve months ago, we kicked off our campaign for an
up-listing, and we had made solid progress toward this goal, before
the dramatic change of macro-economy and stock market in general
made it undesirable for us to continue the process,” explains Larry
Wu, founder of UC Asset. “So we decided to freeze the plan by the
end of July, 2022.”
"Despite that there are still concerns about macro-economy, as
well as about the stock market, we at UC Asset have been doing
well, and we have decided not to let macro-economic factors to stop
us from pursuing a faster growth,” exclaims Wu.
Wu refers to the track record of the company, particularly the
growth of its profit. According to its most recent annual report,
the company posted net income of $0.13 per share for the year of
2021, which represented 400% growth over its $0.03 per share net
income for the year of 2020. Looking forward, the management
projects a $0.20 per share gross profit for the year of 2023.
Last year, the company distributed a cash dividend of $0.10 per
share to its common shareholders. Management has confirmed that it
will make more dividend distribution in the future.
Wu admits that the company is currently too small to justify an
up-listing, as a major exchange listing will be more expensive, and
will remarkably increase administration cost. Those extra cost will
be difficult for a small company like UC Asset to absorb. “In order
to have a meaningful uplisting, we need to increase the size of the
company to at least $20 million, preferably over $30 million," says
"Our management team has an established strategy to growth. We
have identified deal pipelines with great potential, mostly of
cannabis properties, for a potential portfolio expansion of $10 - $
30 million. We have the right team to manage them. We are confident
we are able to achieve the economy scale with additional capital,"
For this purpose, UC Asset plans to launch a SPO (secondary
public offering) to raise $10 – 20 million. Wu indicates that it
may also conduct a PIPE (private investment in public equity) raise
prior to the SPO to raise $2 – 5 million.
“All the fund-raising will not dilute the equity of current
shareholders, as our bylaw expressly prohibits the company from
issuing any stocks at a price lower than the company’s net equity
per share,” asserts Wu. “Particularly, we will NEVER take any
investments of toxic manner, such as convertible notes of variable
"We have been very disciplined in issuing shares," continues Wu.
" Our total issued and outstanding shares have actually decreased
since our IPO, from over 5.6 million shares to less than 5.5
million shares. And last year we cancelled all our preferred units
of a total number of 166,667 shares. In short, the supply of our
shares is very limited, and we have adequate room to support our
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of
investing in real estate with innovative strategies. For more
information about UC Asset, please visit: www.ucasset.com
This News Release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause our
actual results, performance or achievements, or industry results,
to differ materially from any these statements. You are cautioned
not to place undue reliance on any those forward-looking
statements. Except as otherwise required by the federal securities
laws, we undertake no obligation to publicly update or revise any
forward-looking statements after the date of this news release.
None of such forward-looking statements should be regarded as a
representation by us or any other person that the objectives and
plans set forth in this News Release will be achieved or be
For More Information Contact: IR@UCasset.com