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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 updated 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.
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you'll be double taxed on those earnings — first by the IRS, then by the CRA. However, 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 to your circumstances.
Note: The dollar amounts in the table below are in Canadian dollars.
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