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Teads has cancelled its IPO. Even though you won’t be able to buy Teads stock directly, there are still ways to indirectly back the company.
What we know about the Teads IPO
On August 26, 2021, Teads submitted a withdrawal request to the US Securities and Exchange Commission (SEC), effectively cancelling its IPO.
Teads had originally filed a draft registration with the US Securities and Exchange Commission on July 6, 2021. The company had planned to go public on the Nasdaq under the stock ticker symbol “TEAD.”
Altogether, it was hoping to raise $751 million by selling 38.5 million stocks at a proposed price of $18–$21 each. Its parent company, Altice International, was to maintain control of the company’s voting rights by owning more than 50% of its Class B stocks.
Unfavourable market conditions have been cited as the reason for the withdrawal. Teads has not announced a future IPO date. We’ll update this page as more information becomes available.
About Altice
Altice is a global telecommunications company that provides cable-based services (and mobile telephony services in some countries). It was founded in 2001 and is based in Luxembourg. Altice’s 2020 annual revenue was $9.89 billion, up from $9.76 billion in 2019. Altice USA is headquartered in New York and operates in the United States, Canada, Puerto Rico and the Virgin Islands.
How to invest in Teads from Canada
Although you won’t be able to buy Teads stock directly, you can still indirectly back Altice, its parent company. Altice USA trades on the NYSE under the ticker symbol “ATUS.” To buy US stocks, you need to open a stock trading account with a Canada-based broker that provides access to US stock exchanges.
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Tax implications of buying US stocks in Canada
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.
Investment accounts that do not qualify for this exemption include RESPs, TFSAs and RDSPs.
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.
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