NYIAX, which provides an advertising marketplace and contract management platform, filed a new S-1 with the SEC on Thursday. It originally filed in June 2022. In its new filing, NYIAX also replaced lead bookrunner Boustead Securities with Spartan Capital Securities, and disclosed financials for the three months ended March 31, 2023.
The New York, NY-based company now plans to raise $7 million by offering 1.8 million shares at $4. The company most recently filed in February 2023 to offer 1.9 million shares at $5. At the revised terms, NYIAX will raise 24% less in proceeds than previously anticipated.
The NYIAX platform allows Media Buyers and Sellers to list, buy, and sell advertising or audience campaigns, after which the contract flows directly into the Hyperledger Fabric Blockchain for contract management, reconciliation, and automation purposes. NYIAX believes its utilization of financial technology brings automation of many manual and outdated processes to the advertising industry. The technology platform it employs is protected through a joint patent held by both NYIAX and a subsidiary of Nasdaq.
NYIAX was founded in 2012 and booked $1 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol NYX. Spartan Capital Securities and WestPark Capital are the joint bookrunners on the deal.
