Gartmore Smaller Cos (LSE:GSM)
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The number of London Stock Exchange AIM companies interested in launching U.S. listings is increasing, according to Nasdaq, with one company, Globe Specialty Metals Inc., preparing to land in the Nasdaq's arms Thursday.

Globe will initially retain its Alternative Investment Market listing when it begins trading under the Nasdaq symbol GSM following a 14 million share follow-on offering. Nasdaq OMX Group Inc. (NDAQ) officials say that more AIM-listed companies are expressing interest in heading to the U.S., citing a lack of liquidity on AIM; so far, only a handful have actually done so, including Globe.

"I would say I've received well over a dozen inquiries [from AIM-listed companies], but I don't know how many of those will move forward," said Bob McCooey, head of new listings for Nasdaq OMX. "The No. 1 issue we hear is the lack of liquidity."

AIM is the LSE's marketplace for up-and-coming companies, and has been marketed as a welcoming listing venue with hands-off regulation and less paperwork than mainstream markets like the LSE and the Nasdaq.

In the first half of 2009, 150 companies left AIM, and just over half of them left at their own request. Among those looking to leave at the moment is U.S. biotechnology company Northwest Biotherapeutics Inc. (NWBO), which last week announced it will seek shareholder approval to cancel its listing on AIM, while keeping its U.S. listing on the NASD Over the Counter Bulletin Board Market. The company pointed to, among other issues, the lack of significant liquidity on the AIM.

The New York Stock Exchange says it doesn't have available data on AIM companies expressing interest in listing on one of its venues. Globe executives declined to comment on their decision to list on Nasdaq or future plans for their AIM listing, citing a quiet period surrounding their stock sale.

AIM officials say that while listings are down, the decline has no correlation to the level of liquidity in the market.

"There's a whole range of reasons why companies leave AIM - some move to the main market or engage in corporate transactions like reverse takeovers. There are also some companies for whom it is no longer cost effective to be on the market," said an LSE spokesman. "I don't think there's a direct correlation to liquidity [and delisting]. We're continuing to do what we can to help liquidity. We're looking at how we make market making more attractive...and have launched a research service to increase the visibility of companies in the market."

-By Lynn Cowan and Rachael Gormley, Dow Jones Newswires; 301-270-0323; lynn.cowan@dowjones.com