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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.
What we know about the Sangoma Technologies Corporation IPO
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.
How to buy Sangoma Technologies Corporation stock
Before you can invest in Sangoma Technologies Corporation, you'll need to open a brokerage account.
- Compare stock trading platforms. Use our comparison table to help you find a platform that fits your needs.
- Open your brokerage account. Complete an application with your details.
- Confirm your payment details. Fund your account.
- Research the stock. Find the stock by name or ticker symbol – STC – and research it before deciding if it's a good investment for you.
- Purchase now or later. Buy your desired number of stocks with a market order or use a limit order to delay your purchase until the stock reaches a desired price.
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Tax implications of buying US stocks in Canada
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.
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Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
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