ESMA_QA_778
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/778
Regulatory Context
Regulation : PILOT
Level 1 Regulation: Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR)
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: DLT financial instruments
Subject Matter: DLT shares valuation
Question
Submission Date: 27 March 2023
How should the tentative market capitalisation of DLT shares (referred to in Article 3(1)(a) of DLTR) be calculated?
ESMA Answer
Answer Date: 27-03-2023
For DLT shares that are not yet admitted to trading or traded on a trading venue, the tentative market capitalisation could be calculated as the multiplication of:
- the final offer price or the maximum price (where the final offer price and/or amount of shares to be offered to the public, whether expressed in number of shares or as an aggregate nominal amount, cannot be disclosed);
- the total number of shares outstanding immediately after the share offer to the public, calculated either on the basis of the amount of shares offered to the public or on the basis of the maximum amount of shares offered to the public (where the final offer price and/or amount of shares to be offered to the public, whether expressed in number of shares or as an aggregate nominal amount, cannot be disclosed).
This document was automatically extracted from the ESMA EMIR Q&A database.