Impact BioMedical, which is developing a portfolio of biomedical technologies, lowered the proposed deal size for its upcoming IPO on Tuesday. In its latest filing, the company also replaced sole bookrunner Aegis Capital with Revere Securities.
The Houston, TX-based company now plans to raise $6 million by offering 1.5 million shares at a price range of $3 to $5. The company had previously filed to offer 2 million shares at the same range. At the midpoint, Impact BioMedical will raise 25% less in proceeds than previously anticipated.
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 under the symbol IBO. Revere Securities is the sole bookrunner on the deal.
