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Coworking is a recurring segment where we talk to CFOs and other leaders in the finance space about their experiences, their companies, and the larger economy. Let us know if you are—or you know—a CFO we should interview.
In June 2024, Life360, the company that makes those tiles for keeping track of keys, wallets, and loved ones, was listed on Nasdaq after already being listed on the Australian Stock Exchange, AXS. CFO Brew sat down with CFO Russell Burke to explore the nuances of being listed on two public exchanges and how the dual listing impacts his role at the company.
This interview has been edited for length and clarity.
Why did you decide to list on Nasdaq and AXS?
It was always the intention to move to a US listing. We very much see ourselves as a US company. It made sense to do the ASX listing at the time. Essentially the company had the choice between your standard Series E funding or IPO on the ASX. We got experience being a public company, and dealing with regulations and investors, even though it was in a different jurisdiction.
Was there a difference in the process of being listed on Nasdaq versus AXS?
I think there’s probably more similarities than differences. Obviously, Australia is a smaller market, so from a US point of view there is less focus on it, but it’s still very much a public company regulatory regime…which brings more scrutiny. The experience on the Australian Stock Exchange and building the team to be able to handle that and deal with it day to day really helped us grow into that Nasdaq listing. And we were able to do that without a hitch.
Does it impact the job of the CFO because you’re listed on two exchanges?
We are trading effectively more than 12 hours a day. So that’s a little unusual. And there’s no overlap between the trading times on the two markets. They’re very distinct.
We were able to get relief from some reporting on the ASX, because we were also listed in the US, so there’s not a complete duplication of reporting requirements. It’s not overly burdensome, but we certainly need to be aware of the requirements in both.
What were your priorities the first year being public on Nasdaq?
Our priorities were certainly reaching out to the investors that came in as a result of the IPO. And reaching out to potential new investors with a focus on US investors and really building up that part of our investor base. That requires engaging with those investors and a bit of additional travel to the various markets in the US.
What advice do you have for other CFOs looking to go public?
I would really focus on building the team and building the processes as far ahead as you can. We were in a position where we started the detailed SEC-style reporting more than a year ahead of our IPO. And that was very helpful, both in terms of getting the team used to it and instituting the processes that are needed for public company reporting.
How would you update the term CF-No?
I think that’s absolutely an outdated view, particularly for a company like ours that is in growth mode. From my perspective, we look for profitable ways to grow, and that’s more about yes than no. So it’s really understanding what the priorities are and helping our business partners across the company understand the financial impacts of decisions. Helping them prioritize that in a way that will help us grow more quickly, but in a profitable way.
If you weren’t a CFO, what would you be?
I think I would be a professional sailor.