Ovanti steps up Nasdaq push with new plan and deal with advisors

• Ovanti in talks with US SPACs for Nasdaq move
• The fintech gives its advisor EAS new deal tied to $300m SPAC target
• Its US expansion gains pace with Shift4 partnership and new hires

Special Report: Ovanti has stepped up its Nasdaq plans, signing NDAs with US SPACs and revising its deal with EAS Advisors as it chases a potential $300m transaction.

Ovanti (ASX:OVT) is edging closer to Wall Street.

This morning, the ASX-listed fintech laid out the latest progress in its US listing review –  a process that could see it land a second home on the Nasdaq through either a dual-listing or a SPAC deal.

The company confirmed it has already signed non-disclosure agreements with four SPACs, while holding talks with more than a dozen others.

One of those vehicles has more than US$200 million in cash, with others ranging between US$20 million and US$60 million.

That scale matters.

Since last November, Ovanti has been open about its ambition to secure a US listing in order to “realise maximum value for shareholders”.

The last update on the strategy was provided in Ovanti’s quarterly report on July 31.

Management points to peers like Sezzle (NASDAQ:SEZL) and Zip (ASX:ZIP), which are benefiting from offshore valuations and deeper institutional investor support.

In fact, Zip recently flagged its own potential Nasdaq dual-listing, noting offshore investors now make up around 16% of its register.

Tapping the right advisors

Helping Ovanti steer the process is EAS Advisors, which has been working with the company since late 2024.

Today, Ovanti confirmed an upgraded mandate with EAS to reflect the heavier workload around Nasdaq preparations.

The revised deal includes a US$10,000 monthly retainer, a one-off US$200,000 success fee if a SPAC transaction closes and, critically, a conditional package of 50 million unlisted options.

Those options, exercisable at $0.015 with a one-year term, only vest if EAS introduces a SPAC transaction valued at US$300 million.

The condition is also clear: the board must accept a signed letter of intent or term sheet at that valuation and announce it to the ASX.

“I wish to highlight to shareholders that the issue of the 50 million options exercisable at 1.5 cents represents an 87.5% premium to yesterday’s closing price of Ovanti’s shares trading on the ASX,” said  Ovanti’s executive chairman, Daler Fayziev.

“Further, the issue of these options to EAS is contingent on the Board accepting a SPAC transaction at a valuation of USD $300 million, noting that the current market capitalisation of Ovanti has traded in the order of USD $20 million to USD $30 million in recent months.”

In other words, the incentives only kick in if EAS helps deliver a transaction that’s ten times Ovanti’s present valuation.

Strong track record

Fayziev also took the opportunity to highlight EAS principal Edward Sugar’s track record.

“Ovanti has had the pleasure of working with Edward Sugar and Matthew Bonner since November of last year on the proposed NASDAQ listing, as well as many other significant operational matters relating to our US BNPL business.”

He added that as an ASX-listed company with US operations, Ovanti values the experience Sugar has, dealing in both Australia and the US at the highest levels throughout his career.

He also pointed to Sugar’s long history of spotting opportunities.

“We have benefited from his deep experience and connections in capital markets dating back to when he was an advisor to retail billionaire Solomon Lew, and when he had the vision to raise early capital for Andrew Forrest at Fortescue Metals (ASX:FMG).

“Edward clearly is a visionary who has an ability to spot ‘the next big opportunity’.”

Ovanti builds US footprint

The Nasdaq play is happening in parallel with a clear build-out of Ovanti’s American footprint.

Just weeks ago the company inked a landmark partnership with NYSE-listed Shift4, giving Ovanti’s BNPL platform immediate access to more than 100,000 US merchants.

Fayziev has called the Shift4 agreement “a transformational moment for Ovanti,” giving the company a credible launchpad to chase the massive US opportunity.

On top of that, Ovanti recently added three heavyweights to its US. BNPL leadership team, bringing across experience from PayPal, Block, Adyen and other fintech majors.

Where it goes next

Today’s update confirms Ovanti is keeping pace with peers that have already made the leap into the US.

The message is simple: it wants to capture the stronger valuations and deeper capital markets support Nasdaq can offer, while aligning with its growing US operations.

The road isn’t finished, but all signs point to Ovanti making Wall Street part of its story.

This article was developed in collaboration with Ovanti, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.