Impact BioMedical, which is developing a portfolio of biomedical technologies, announced terms for its IPO on Wednesday.
The Houston, TX-based company plans to raise $8 million by offering 2 million shares at a price range of $3 to $5. At the midpoint of the proposed range, Impact BioMedical would command a market value of $48 million.
If the company has a market cap of less than $50 million at pricing, Impact BioMedical will be excluded from Renaissance Capital's 2023 IPO stats.
Operating mainly through subsidiary Global BioLife, the company funds the research and development of an intellectual property portfolio. It is currently focused on research in three main areas: development of a universal therapeutic drug platform, a new sugar substitute, and a multi-use fragrance.
Impact BioMedical was founded in 2017 and plans to list on the NYSE American but has not selected a symbol yet (RC ticker: MPCT.RC). Aegis Capital Corp. is the sole bookrunner on the deal.
