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Highlights
- SQL had applied for the initial public offering on Form S-1 on December 22, 2021.
- The company has priced the offering at US$14.00 per share.
- SQL plans to use the proceeds from the offering for corporate expenses.
Stocks of technology company SQL Technologies Corp fell more than 23% in Nasdaq debut on Thursday, a day after pricing its initial public offering (IPO) at US$14.00 per share.
Its shares were down 23.79% to US$10.67 at 12:13 am ET on Thursday.
SQL had applied for the initial public offering on Form S-1 on December 22, 2021. It was not immediately clear why the price dropped in the morning session.
As per its filing, the company has over 60 US and global patents besides other pending patent applications.
On Wednesday, the Georgia-based company announced to offer 1,650,000 shares of Common stock for US$14.00 per share. Its initial price range was US$11.00 to US$13.00.
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The company was scheduled to debut on the Nasdaq stock exchange on February 10. The offering will likely to close on February 14, subject to the customary closing conditions.
The company plans to trade its stocks on Nasdaq under the ticker symbol SKYX.
The Benchmark Company is the sole book running-manager for the offering. SQL intends to use the net proceeds from the offering for general corporate purposes.
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About the company
Georgia-based SQL Technologies Corp. collected over US$29 million in sales since 2015. Its products include ceiling fans, light fixtures, etc. The company expects to sell its new products through direct sales as well as through the licensee electrical and smart home companies.
The company plans to launch its plug-and-play adapter kit, smart universal adapters, new light fixtures, ceiling fans, SkyHome App in the first half of 2022, and its all-in-one Smart Sky Platform in the second half of the year. The company plans to extend the warranty period on all its products from the existing one-year full performance warranty.
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Financials
For the nine months ended September 30, 2021, SQL technologies revenue was US$0.106 million compared to US$0.249 million in the same duration in 2020. It incurred a net loss attributable to common shareholders of US$3.75 million or US$0.05 per share diluted.
In the same period of FY2020, the net loss was US$5.50 million or US$0.08 per share diluted. Its revenue was US$0.258 million in the fiscal year 2020 and US$3.81 million in fiscal 2019.
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Bottomline
The US IPO market is expected to gain momentum in the second half of 2022. The market saw a slow start to the year amid various macroeconomic concerns.
