AdvEn, a pre-revenue Canadian producer of advanced super activated carbon products, filed on Friday with the SEC to raise up to $8 million in an initial public offering.
The Nisku, Canada-based company plans to raise $8 million by offering 1.6 million shares at a price range of $4 to $6. At the midpoint of the proposed range, AdvEn would command a fully diluted market value of $109 million.
AdvEn is focused on the research, development, and commercialization of advanced super activated carbon (ASAC) and dry electrode super adhesive coating (ESAC) technologies. The company completed construction of its initial production plant for ASAC products in the 4Q23, and it plans to commence commercial production in the 3Q24. It has not yet sold any of its ASAC products and has not earned any revenues from its operations.
AdvEn was founded in 2011 and plans to list on the NYSE American under the symbol ADVEN. The company filed confidentially on January 20, 2023. Spartan Capital Securities is the sole bookrunner on the deal.
