Amphitrite Digital, which provides maritime tours and activities in the continental US and US Virgin Islands, lowered the proposed deal size for its upcoming IPO on Tuesday. In its latest filing, the company also changed its proposed listing exchange from the Nasdaq to the NYSE American, and replaced sole bookrunner Maxim Group LLC with Kingswood Capital Markets.
The US Virgin Islands-based company now plans to raise $7 million by offering 1.8 million shares at a price range of $3.50 to $4.50. The company had previously filed to offer 1.9 million shares at a range of $4.25 to $6.25. At the midpoint of the revised range, Amphitrite Digital will raise 30% less in proceeds than previously anticipated.
Amphitrite Digital provides in-destination tours, activities, and attractions in the continental US and US Virgin Islands (USVI) using itineraries that feature up-close encounters with marine wildlife, nature, history, and culture. Its maritime expeditions involve travel to destinations such as the USVI, Panama City Beach, Florida, and Chicago, Illinois. Amphitrite Digital owns 14 luxury catamarans and power boats in the USVI, 12 catamaran yachts and power boats in Panama City, and offers a variety of maritime tours on Lake Michigan from Chicago on the Tall Ship Windy, a traditional four-masted topsail schooner ship.
Amphitrite Digital was founded in 2015 and booked $7 million in revenue for the 12 months ended September 30, 2023. It plans to list on the NYSE American under the symbol AMDI. Kingswood Capital Markets is the sole bookrunner on the deal.
