The $15M threshold and why it matters
US public markets reward scale. For most Central Asian and CIS founders, $15M in annual USD revenue is the point at which a public-market pathway becomes credible — below that, private capital or regional listings almost always deliver a better outcome.
Governance and controls
US public-company standards touch every part of the business: board composition and independence, audit and compensation committees, disclosure controls, and internal control over financial reporting (SOX). The good news: most of this is buildable in 12–18 months with the right advisors.
PCAOB audit and financials
A transition to a PCAOB-registered audit firm is one of the biggest workstreams. Financial statements need to be re-audited (typically 2–3 years) under US GAAP or IFRS in a form acceptable to the SEC. Starting early is the single highest-leverage decision.
Traditional IPO vs. RTO vs. SPAC
- Traditional IPO — deepest liquidity and best valuation, longest timeline, highest cost
- Reverse Takeover (RTO) — 3–4 months to public, preserves ownership, smaller institutional bid
- SPAC / de-SPAC — hybrid speed and structure, market-sensitive terms
- Direct listing — rare fit for CIS issuers today
Full write-up in preparation
Executive summary and highlights below. Full report available on request under NDA.