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On November 17, 2021, Sangoma Technologies Corporations announced it was cancelling its plans to have an IPO on the Nasdaq. The company's stock continues to be traded on the TSX under the ticker symbol "STC."
Here's what we know about the IPO so far and how to buy Sangoma Technologies stock in Canada.
On November 15, 2021, Sangoma Technologies—a voice and Unified Communications (UC) solution provider headquartered in Canada—filed a prospectus with the US Securities and Exchange Commission (SEC) to go public.
It had planned to offer 5.5 million stocks on the Nasdaq Global Select Market under the ticker symbol "SANG." Stocks were expected to begin trading the week of November 22, 2021.
Just several days later, on November 17, Sangoma announced it was cancelling the IPO. A statement on GlobeNewswire confirmed the reason for the withdrawal. "At current share price levels, the offering is no longer attractive to the Company or its shareholders."
No date has been announced for a future IPO in the US. Sangoma Technologies stock continues to trade on the Toronto Stock Exchange under the ticker symbol "STC."
We'll update this page as more information becomes available.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
Before you can invest in Sangoma Technologies Corporation, you'll need to open a brokerage account.
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Canadians who earn dividends from US stock investments must pay the US Internal Revenue Service (IRS) a 15% withholding tax on their earnings. The rate goes down to 10% for bonds and other interest-yielding US investments.
An exception is made for stock investments held in trusts designed to provide retirement income. This includes RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs that hold US stocks, bonds or ETFs are also exempt from US withholding tax. RESPs, TFSAs and RDSPs are not exempt.
Canadian and international investment income must be declared on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you'll be taxed by both the IRS and the CRA. The CRA may allow you to claim foreign tax credits for any taxes you've already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply in your circumstances.
Note: The dollar amounts in the table below are in Canadian dollars.
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