Reverse Takeovers (RTOs)

Take Your Company Public Through a Reverse Takeover

FLOWCAP assists private technology and resource companies to become publicly traded on the Canadian public markets — from readiness and deal structuring to the licensed professionals who complete the listing.

We focus on technology, DeepTech, financial infrastructure, cybersecurity, data infrastructure and resource-sector companies with real products, intellectual property or strategic assets.

Confidential assessment  ·  Selective admission  ·  No obligation

Mandate
Private companies with verifiable assets
Market
Canadian small capitalisation
Approach
Selective, evidence-led
Outcome
An honest readiness verdict

Graphics on this site are illustrative. They are not market data, not a forecast and not an indication of any outcome.

Who We Are

Your Partner on the Path to Public Markets

FLOWCAP is a Canadian firm of Reverse Takeover specialists. We assist private technology and resource companies through the whole pathway to public status — assessment, preparation, structuring, vehicle sourcing and listing coordination.

We analyse the company's structure, product, market position, management team, financial profile and public-market potential. Following the assessment, selected companies may receive an individual RTO preparation roadmap and access to relevant professional market participants.

We work with founders, shareholders and investors seeking an alternative path to the Canadian public markets. Our role is to assess the company, identify its strengths and risks, determine its RTO readiness and develop a structured preparation strategy.

More about FLOWCAP

Why an RTO

Benefits of a Reverse Takeover

For early- and growth-stage companies, an RTO is often the more practical route to public status than a conventional IPO.

01

Built for Earlier-Stage Companies

RTOs suit early- and growth-stage companies. IPOs are generally suited to larger, more mature businesses with long audited histories.

02

Potentially Lower Cost

An RTO is potentially less expensive than an IPO — no underwriting syndicate, and a process scaled to a smaller transaction.

03

Greater Process Certainty

The transaction is negotiated between identified parties rather than priced against an open market window on a single day.

04

Shareholder Spread

The public vehicle brings an existing shareholder base, helping meet exchange distribution requirements from day one.

05

Funds Secured in Trust

Where a concurrent financing is raised, proceeds are handled through trust and escrow arrangements administered by licensed professionals.

06

Alignment with Shareholders

Escrow of founder shares keeps management committed through and beyond the transaction — an alignment public investors expect.

An RTO changes a company's status; it does not by itself raise capital or create liquidity, and it is not the right route for every business. Submission of an application does not guarantee selection, financing, a transaction or a public listing.
The Structure

An Alternative Route to the Public Market

A Reverse Takeover is a transaction in which a private company becomes publicly traded through a combination with an existing public company or listed shell.

01 Private CompanyThe applicant business, in its current form
02 RTO AssessmentSelection, readiness review and gap analysis
03 Corporate and Financial PreparationAudit, structure, governance, documentation
04 Transaction StructuringUndertaken by licensed legal and financial professionals
05 Combination with a Public VehicleSubject to regulatory and exchange requirements
06 Publicly Traded CompanyWith the continuing obligations that follow
You would be in good company. The New York Stock Exchange itself, Warren Buffett’s Berkshire Hathaway, Burger King and T-Mobile all became public companies through reverse takeovers. The recent SPAC wave is the same mechanism under a newer name.
FLOWCAP provides strategic assessment and advisory services. The final transaction structure, regulatory approval and listing process depend on licensed legal, financial, audit and market professionals.

How our assessment works

Pathway for Targets

Listing Pathways and Typical Timelines

Canada is our primary route — and its listings convert quickly into US and European visibility. Other markets are coordinated through licensed partners.

CANADA — PRIMARY

TSXV, CSE or Cboe Canada

Typically 4–6 months to list for a prepared company. A Canadian listing then allows near-immediate dual listing into the US (typically 4–6 weeks) and Frankfurt (typically 2–4 weeks).

UNITED STATES

Nasdaq

Typically 6–8 months to list. Higher thresholds and cost — often the second step after a Canadian listing rather than the first.

AUSTRALIA

ASX

Typically 6–10 months to list. A strong market for resource companies, coordinated through licensed partners.

UNITED KINGDOM

AIM or LSE

Typically 6–10 months to list. Coordinated through licensed partners in the UK market.

Timelines are typical ranges for prepared companies and depend on readiness, regulatory review and exchange requirements. Submission of an application does not guarantee selection, financing, a transaction or a public listing.

The Canadian Market

Why Canada

The Canadian market has a long-established small and mid-capitalisation segment, a mature professional infrastructure around resource and technology issuers, and a well-understood Reverse Takeover practice.

For companies of a size that would struggle to attract attention in larger markets, that combination is genuinely useful. It is also a market with specific expectations about structure, disclosure and connection to the jurisdiction — expectations that international applicants frequently discover late.

Our work is to make those expectations explicit before a company commits time or money to a process.

How international companies access Canadian markets

Preparation trajectory
Assessment Preparation Structuring Public status

Illustrative only. Not market data, not a forecast, and not an indication of any outcome.

What We Do

Our Services

Six areas of work, applied selectively rather than universally.

01

RTO Deal Structuring

Structuring the Reverse Takeover with the company and its licensed counsel: share exchange mechanics, escrow, shareholder approvals and the sequence that gets a transaction to completion.

02

Public Vehicle Sourcing

Lining up the right clean public vehicle for the target business — shells and capital pool companies sourced through licensed market participants, with the history, register and liabilities of each vehicle assessed before terms are discussed.

03

End-to-End Listing Management

Coordinating the whole process — securities counsel, auditors, sponsors, transfer agent and the exchange — with a single point of accountability. For a prepared company, listing in Canada typically takes 4–6 months.

04

Financing Coordination

Preparing the company for a concurrent financing and introducing it to registered dealers. Financing is arranged by licensed participants on their own terms.

05

Board and Governance Build-Out

Recruiting independent directors, forming the audit committee, and putting in place the policies a newly public company is required to operate under.

06

Dual Listing and US Up-listing

For companies already listed: coordination of US and Frankfurt dual listings, and preparation for an up-listing to NYSE or Nasdaq, through licensed partners in each market.

Pathway for Targets

From Private Company to Publicly Traded

Six stages, from confidential application to trading. Preparation quality — not paperwork — is what drives the timeline.

01

Confidential Application

The company submits its materials in confidence. We respond quickly with a clear view of whether an RTO pathway is realistic at its stage.

02

Fit and Readiness Review

A structured review of the business, ownership, financial reporting and management against what the transaction and the exchange will require.

03

Structuring Plan

The transaction is mapped with licensed counsel: target structure, vehicle profile, financing need, escrow and timeline drivers.

04

Corporate and Financial Preparation

Audit, corporate clean-up, governance build-out and documentation — the work that determines how fast the rest of the process moves.

05

Vehicle and Transaction

A suitable public vehicle is identified through licensed market participants; the combination, approvals and filings are completed by the professionals responsible for each.

06

Publicly Traded Company

The company begins trading and takes on continuous disclosure obligations. We support the transition into life as a public company.

Submission of an application does not guarantee selection, financing, a transaction or a public listing.

The process in detail

Already Listed on a Stock Exchange?

Dual Listing and US Up-listing

For companies that are already public, we coordinate the next step in market access through licensed partners in each jurisdiction.

01 · TYPICALLY 4–6 WEEKS

US Dual Listing

Most listed companies can dual list into the US on the OTCQB or OTCQX markets — access to US capital and added liquidity for shareholders, while the primary listing is retained.

02 · TYPICALLY 2–4 WEEKS

Frankfurt Dual Listing

The Frankfurt Stock Exchange is one of Europe’s leading markets. A dual listing adds exposure to German and European investors and improves share liquidity and profile.

03 · TYPICALLY 3–6 MONTHS

US Up-listing — NYSE & Nasdaq

Graduating a qualified company to a senior US exchange: better funding terms, analyst coverage, index inclusion and enhanced visibility.

The Candidate Profile

Preferred Target Businesses

The profile that moves through an RTO process fastest. Meeting every point is not required — but each gap adds preparation time.

01

International Ambition

Founders building solid businesses who are seeking international growth — and a capital market that can fund it.

02

Growing Revenues

Typically a minimum of CAD $2M in annual revenue, with growth. Exceptions for DeepTech and resource companies with strong verifiable assets.

03

External Capital Raised

Typically at least $2M previously raised from external investors — evidence that third parties have already underwritten the business.

04

Proven Technology or Resources

For technology businesses: proven technology that is monetising. For resource companies: proven resources with exploration upside.

05

Minimal Burn and Capex

A business model that does not consume capital faster than the public market can realistically supply it.

06

Disruptive, Scalable Model

A business model that scales beyond its home market — the story public investors pay attention to.

07

Audited Financials

Completion of audited financial statements is required before a transaction can proceed. We help plan the audit path if one has not started.

08

Clear Ownership

A comprehensible ownership structure, with the ability to evidence ultimate beneficial owners through every intermediate entity.

Outside Our Mandate

Projects We Do Not Review

×Companies without a product, technology, licence or assets
×Projects at the stage of a single idea
×Companies with opaque ownership
×Sanctioned projects and parties
×Defence and military projects
×Projects critically dependent on government contracts
×Speculative cryptocurrency and token projects
×Companies whose financial performance cannot be verified
×Projects expecting guaranteed financing or a guaranteed listing
×Companies unwilling to disclose their ownership structure
×Projects without a budget for legal, audit and corporate preparation

Full selection criteria

Why FLOWCAP

Why Companies Work With Us

Selective Approach

We work with a limited number of companies and conduct a preliminary review of every project.

Canadian Market Focus

We understand the characteristics of the Canadian small-capitalisation market and what is expected of companies considering an RTO.

Independent Assessment

We assess strengths, weaknesses and real prospects objectively — including when the conclusion is unwelcome.

International Network

We work with market participants in Canada, Europe, the United States and other jurisdictions.

Confidentiality

All materials and discussions are treated as confidential information.

Long-Term Perspective

We assess not only whether a transaction is possible, but whether the company could function credibly after it.

Team

The People You Will Work With

Direct access to the people running your process — not an account manager.

Michael Nortman — Managing Director

Michael Nortman

Managing Director

Michael leads FLOWCAP’s engagements. He brings extensive international experience across investment and company validation — assessing businesses, technologies and assets in multiple jurisdictions, and determining which of them can stand up to the scrutiny of investors, auditors and exchanges. His focus is separating verifiable substance from narrative before a company enters a public-market process.

Nick Tubis — Financial Consultant

Nick Tubis

Financial Consultant

Nick advises companies on the financial side of becoming public: capital structure, financial reporting readiness, cash planning for the preparation phase, and the financial story that investors and market professionals will test. He works directly with founders and shareholders from the first assessment through to transaction preparation.

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Preliminary Assessment

Is Your Company Ready for an RTO?

Receive a preliminary assessment of your company against the criteria that determine whether a public-market pathway is realistic.

Only selected companies will be invited to a confidential strategy session.

Business structure
Product and technology
Financial readiness
Shareholder transparency
International potential
Investment attractiveness
Preparation budget
Public-market suitability
Submit Your Company

Start Your Path to the Public Market

Complete the confidential application and we will tell you plainly whether an RTO is realistic for your company. Submission does not guarantee acceptance, financing, a transaction or a public listing.

Confidential assessment  ·  Selective admission  ·  No obligation