Cirrus Aircraft, headquartered in Duluth, Minnesota, has filed documents for a $300 million IPO in Hong Kong, according to a report by International Finance Review on Friday.
The report stemmed from a regulatory filing accessed by FLYING. Within the filing is language indicating that the company does not intend to register with the Securities Exchange Commission nor solicit U.S. investors:
“This announcement (and the information contained herein) is for information purposes only and shall not constitute or form part of any offer to issue or sell, or the solicitation of any offer to purchase, subscribe for or otherwise acquire, any securities of the Company in the United States (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction were such offer or sale would be unlawful. The Company believes that it is a “foreign private issuer” (“FPI”), as such term is defined in Rule 405 under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and intends to conduct its business so far as possible to maintain its status as a FPI.
“The securities of the Company (the “Securities”) have not been and will not be registered under the U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, transferred or delivered, directly or indirectly, into or within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable securities laws of any relevant state or other jurisdiction of the United States. There has been and will be no public offering of the Securities in the United States.”
FLYING reached out to Cirrus for comment, and received the following statement from the company, which is in a quiet period after the filing:
“From time to time, Cirrus Aircraft explores options to raise additional capital. Our current work, made possible by the contributions of the Cirrus Aircraft team, has positioned the company as a global leader in personal aviation. A natural next step in that journey is exploring additional business and capital funding structures that enable even larger and more stable growth ahead.
“Raising additional capital will allow us to further invest in our people, new product development, production capabilities, facilities and efficiencies, as well as enable and expand global service capabilities and strengthen our IT and business infrastructure.
“We do not have a definitive timetable for our listing plan as our listing application is still under the vetting process of the Hong Kong regulators. Further announcements will be made in accordance with the listing rules of the Hong Kong Stock Exchange. We stay committed to elevating our customers’ ownership experience and staff member experience for many years to come.
“This communication does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or any other jurisdiction in which such offer or solicitation is unlawful. The securities of Cirrus Aircraft Limited (the “Company”) may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The securities of the Company have not been, and will not be, registered under the Securities Act. The Company does not intend to register any part of the present or proposed offering in the United States.”
Cirrus Aircraft merged with China Aviation Industry General Aircraft (CAIGA) in 2011 to fund and support its global expansion. CAIGA, a division of the Chinese state-owned AVIC (Aviation Industry Corporation of China) is a consortium of aerospace companies in China, including other general aviation and pilot training enterprises. CAIGA is headquartered in Zhuhai, where Cirrus manufactures aircraft for the Asian market. The Cirrus portion of AVIC General delivered 2 SR20s in the first quarter of 2023, while Cirrus Aircraft in the U.S. delivered 13 SR20s, 5 SR22s, 54 SR22Ts, and 18 SF50 Vision Jets.