Ann: SZL Files Confidential Registration for Proposed IPO, page-46

Ok to just clear things up, at the moment we (the public) have no idea the details of this deal. How I think it will be structured is the following.

1. Charlie will put some of his shares up for sale, and we will likely issues new shares for the U.S listing. The amount of shares issued will depend on two things - Demand for the share and the price point at which demand is presented -(The insto build) this probably happening right now with Goldmans from an EOI perspective.
2. Australian investors/Instos may be invited to sell their shares (at a premium) if there is significant demand. This will result in more shares beiing issued in the U.S. If it was a discount nobody here would sell.
3. A public roadshow will ensue which promotes Sezzle to the U.S just the same as an IPO here in AUS. At this point retail and sophs will be invited as well the instos to lodge final bids
4. Sezzle lists and a corresponding CDI will be on the ASX. This will ultimately mirror the U.S listing. Why? Because sezzle doesn't really operate here anyway. Their main market is North America and India. Additionally, I envisage the register widen consderably in the U.S.
5. This will ultimately mean sezzle has more capital and hopefully raised at a premium.

This of course is just how I see it all playing out. It may be that they can't raise enough demand or interest to attract a premium. However, the whole point of the listing is to expand operations in North America, raise more capital and hopefully attract a higher valuation. If they didn't feel this was already a strong possibility they wouldn't be going down this path. Our Big clue that there will be a premium is that the fact that discover paid a 15% premium before this consolidation and hype started at $8.82.

I would be extremely supriosed is stock was issued in the U.S at a discouunt. Of course this a very real possiblity though.