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Highlights
- The Advanced Human Imaging Ltd is offering 1,000,000 shares in the IPO.
- It will trade with the ticker symbol ‘AHI’ on the NASDAQ Global Capital Market.
- Each unit consists of 2 ADS and 1 warrant. ADS will start trading on Nov 19, 2021.
Advanced Human Imaging Ltd (ADA) on Friday announced the price range of its initial public offering (IPO) from US$10.5 to US$12.00 per share.
It is offering 1,000,000 units consisting of 2,000,000 American depository Shares (two ADS for each unit representing ordinary shares of AHI Ltd) and one warrant to purchase one ADS.
The warrants will have the exercise price of US$5.52 per ADS after the expiry of three years from the date of issuance.
Additionally, 150,000 ADS shares are for underwriters to purchase on option at the offering price after deducting underwriting discounts and commissions within 45 days.
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The ADS will start trading from Friday, but warrants will not be listed for trading.
The share outstanding will be 19,115,109 after the offering. The listing will be under the ticker symbol AHI on the NASDAQ Global Capital Market.
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How ADH plans to use the IPO proceeds
The company plans to use the proceeds for research and development purposes, business development, and marketing. The balance funds will be used for general corporate purposes, including investing in synergistic companies.
The gross proceeds are expected to be around US$10.5 million for the offering. Its sole book-running manager for the offering is Maxim Group LLC.
The offering is expected to close on Nov 23, 2021.
Its ordinary shares are already listed on the Australian Securities Exchange (ASX). As per the latest filing, each ADS share represents 7 ordinary shares of the company.
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What does the company do?
The company has a patented proprietary dimensioning technology that can check, track, and assess users’ dimensions and known risk indicators through a smartphone.
The technology uses machine learning, patented algorithm, and computer vision for processing images and assessing enterprise-level secure infrastructure. It makes the process of measurement and assessment faster and error-free.
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Bottomline
The company aims to empower the customers of its partners. Its partners can assess, support, and communicate the results to their consumers about their physical condition due to dieting, medical regimes, or other physical traits in a minute. However, investors must analyze the IPOs carefully before investing in them.
