Thumzup Media filed on Thursday with the SEC for an initial public offering.
The company is currently listed on the OTCQB under the symbol "TZUP" with very limited trading, where it has a market cap of about $35 million. It plans to list on the BZX under the same symbol. Dawson James Securities is acting as lead manager of the offering.
As we noted in February, the CBOE BZX Exchange (formerly Bats) has recently emerged as listing venue for micro- and nano-cap companies.
The Los Angeles, CA-based company's platform allows ordinary Instagram users to generate income by promoting brands to their friends. The company states that with Thumzup, advertisers can reach people that would ignore banner ads while avoiding expensive professional influencers. The company recorded nominal revenue in 2023, with an operating loss of $2.5 million.
Because the company is currently expected to have a market cap of less than $50 million at pricing, Thumzup Media is excluded from Renaissance Capital's IPO stats.
