Since ARM’s failed take over bid the company delayed any listing, by its managers who feared the global economic downturn and a slump in tech shares could spook potential investors. Founder and chief executive Masayoshi Son said last year he would probably look to the tech-heavy Nasdaq exchange, due to its high concentration of technology stocks, as the best way forward. He added the company will look at a UK listing “as global markets improve”
“Chief executive Rene Haas said in a statement: “After engagement with the British Government and the [Financial Conduct Authority] over several months, SoftBank and Arm have determined that pursuing a US-only listing of Arm in 2023 is the best path forward for the company and its stakeholders” for now.
Chief executive Rene Haas said last month, Arm is increasing its UK presence and headcount, including opening a new site in Bristol, and will keep its material intellectual property, headquarters and operations, in the UK.
“Arm is proud of its British heritage, and continues to work with the British Government,” he said. “We will continue to invest and play a significant role in the British tech ecosystem.”
Arm had a dual listing on the London stock exchange and the Nasdaq for 18 years, before it was bought by SoftBank for $32bn (£26.7bn) in 2016.
In 2020, SoftBank decided to sell Arm to help shore up its finances after losing money on other investments. However efforts by SoftBank to sell Arm to graphics card giant Nvidia collapsed last year as competition regulators in the UK, US and Europe probed whether the deal would push up chip prices and reduce choice.
Only the Guardian mentions the companies listing with Nasdaq has anything to do with brexit. If that were the case SoftBank wouldn’t be expanding in the UK.