US Weekly IPO and SPAC Monitor: Hemp Cigarette’s Hempacco, Wearable Devices and bioAffinity Technologies

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  • #42533
    TradersCom
    Keymaster

    Israeli tech company Mobilicom prices US IPO at $4.13
    August 25, 2022

    Mobilicom, which makes hardware, software, and cybersecurity products for small drones and robotics, raised $12 million by offering 2.9 million units at $4.13, well below the as-converted last close of its shares on the ASX ($8.64). Each unit contains one ADS and one warrant, exercisable at $5. The company offered 1.3 million more units than anticipated. It originally planned to offer 2.2 million ADSs at $4.65, before cutting the ADS offering, raising the proposed price, and adding warrants in July.

    Because the company’s market cap at pricing is below $50 million and the offering contained warrants, Mobilicom will be excluded from Renaissance Capital’s 2022 IPO stats.

    Mobilicom designs, develops, and manufactures hardware, software, and cybersecurity products that are embedded in small drones (SUAVs) and robotics. The company’s customer base spans the US, Europe, and Israel, and it primarily generates revenue from the sale of its hardware and from licensing fees and professional support services related to its software and cybersecurity solutions.

    Mobilicom plans to list on the Nasdaq under the symbol MOB. ThinkEquity acted as sole bookrunner on the deal.

    #42534
    TradersCom
    Keymaster

    Infectious disease biotech Alopexx sets terms for $15 million IPO
    August 24, 2022

    Alopexx, a Phase 2 biotech developing immune therapies for bacterial, fungal, and parasitic infections, announced terms for its IPO on Wednesday.

    The Cambridge, MA-based company plans to raise $15 million by offering 2.5 million shares at a price range of $5 to $7. At the midpoint of the proposed range, Alopexx would command a market value of $44 million.

    Alopexx’s most advanced candidate, F598, has completed Phase 1 and pilot Phase 2 trials and was well tolerated, with a single infusion providing sustained serum levels for 2-3 months. The company’s other candidate, synthetic poly N-acetyl glucosamine (PNAG) vaccine AV0328, completed a Phase 1 trial and was found to induce antibodies capable of killing a wide range of PNAG-expressing pathogens. Alopexx believes its therapies also have potential applicability beyond infectious diseases, including treatment of neurological conditions and cognitive decline due to inflammation.

    Alopexx was founded in 2006 and plans to list on the Nasdaq under the symbol ALPX. ThinkEquity is the sole bookrunner on the deal.

    #42535
    TradersCom
    Keymaster

    Infectious disease biotech Alopexx sets terms for $15 million IPO
    August 24, 2022

    Alopexx, a Phase 2 biotech developing immune therapies for bacterial, fungal, and parasitic infections, announced terms for its IPO on Wednesday.

    The Cambridge, MA-based company plans to raise $15 million by offering 2.5 million shares at a price range of $5 to $7. At the midpoint of the proposed range, Alopexx would command a market value of $44 million.

    Alopexx’s most advanced candidate, F598, has completed Phase 1 and pilot Phase 2 trials and was well tolerated, with a single infusion providing sustained serum levels for 2-3 months. The company’s other candidate, synthetic poly N-acetyl glucosamine (PNAG) vaccine AV0328, completed a Phase 1 trial and was found to induce antibodies capable of killing a wide range of PNAG-expressing pathogens. Alopexx believes its therapies also have potential applicability beyond infectious diseases, including treatment of neurological conditions and cognitive decline due to inflammation.

    Alopexx was founded in 2006 and plans to list on the Nasdaq under the symbol ALPX. ThinkEquity is the sole bookrunner on the deal.

    #42536
    TradersCom
    Keymaster

    Westrock Coffee energizes the SPAC market with $1.1 billion deal

    RVAC

    Riverview Acquisition (RVAC) shareholders are scheduled to vote on the SPAC’s proposed merger with sustainable coffee distributor Westrock Coffee on Thursday, August 25. If approved, the combined company will list on the Nasdaq under the ticker “WEST” and be one of only a handful of large de-SPACs this year in the consumer staples sector, with an enterprise value of $1.1 billion. Westrock plans to brave poor market conditions, with 2022 de-SPACs averaging a -46% return. Riverview’s stock closed on Wednesday above the $10 transaction price, at $13.85, a positive sign heading into the vote.

    Transaction Details
    On April 4th, 2022, Riverview Acquisition and Westrock Coffee announced their business combination. The deal values Westrock at an EV of $1.1 billion, 1.1x its estimated 2022 revenue

    #42537
    TradersCom
    Keymaster

    Environmental technology firm Midwest Energy Emissions withdraws $20 million Nasdaq uplisting
    August 24, 2022

    MEEC

    Midwest Energy Emissions, which provides mercury capture solutions for power plants, withdrew its plans for an initial public offering on Wednesday. It originally filed in November 2021 with a proposed deal size of $20 million, but had not updated its prospectus since then. The company is currently listed on the OTC (MEEC).

    Midwest Energy Emissions provides mercury capture solutions through a patented two-part Sorbent Enhancement Additive (SEA) process. The company’s mercury removal technologies and systems achieve mercury removal levels which meet or exceed the requirements of Mercury and Air Toxics Standards (MATS). Its SEA technology was originally developed by the University of North Dakota’s Energy and Environmental Research Center.

    The Corsicana, TX-based company was founded in 1983 and booked $10 million in revenue for the 12 months ended June 30, 2021. It had planned to list on the Nasdaq under the symbol MEEC. Roth Capital and EF Hutton were set to be the joint bookrunners on the deal.

    #42538
    TradersCom
    Keymaster

    Radiation therapy-focused biotech Shuttle Pharmaceuticals increases valuation ahead of proposed $10 million IPO
    August 24, 2022
    SHPH
    Shuttle Pharmaceuticals, a Phase 2-ready biotech developing drugs to improve radiation therapy, raised the proposed price and lowered the unit offering for its upcoming IPO on Wednesday. The company also added China-based Valuable Capital as an underwriter on the deal.

    The Rockville, MD-based company now plans to raise $10 million by offering 1.2 million units at $8. The company had previously filed to raise the same amount by offering 1.7 million units at $6. Each unit consists of one share of common stock and one warrant, exercisable at $0.01. Before that, the company filed to offer 2.5 million shares at a range of $4.00 to $5.00, down from its original terms of 3 million shares at $4.50 to $5.00.

    Because the company plans to offer units with warrants attached, Shuttle Pharmaceuticals will be excluded from Renaissance Capital’s IPO stats.

    Formed by faculty members of the Georgetown University Medical Center, Shuttle Pharmaceuticals is a discovery and development stage specialty pharmaceutical company focused on improving the outcomes of cancer patients treated with radiation therapy (RT). Its sole clinical candidate, Ropidoxuridine (IPdR), is an orally available halogenated pyrimidine with strong cancer radiation sensitizing properties being developed for glioblastoma and sarcoma. The company believes it is positioned to initiate Phase 2 studies with Ropidoxuridine and RT in 2022.

    Shuttle Pharmaceuticals was founded in 2012 and plans to list on the Nasdaq under the symbol SHPH. Boustead Securities and Valuable Capital are the joint bookrunners on the deal.

    #42282
    Super Harley
    Participant

    IPO interest is on pace for its worst year in decades after the market crashing the IPO market has been in the doldrums. New companies have few option
    [See the full post at: US Weekly IPO and SPAC Monitor: Hemp Cigarette’s Hempacco, Wearable Devices and bioAffinity Technologies]

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