Invizyne Technologies, which is developing a biomanufacturing platform for a diverse range of chemicals, lowered the proposed deal size for its upcoming IPO on Friday.
The Monrovia, CA-based company now plans to raise $15 million by offering 3.8 million shares at a proposed price of $4, with one right to receive one additional share on the second anniversary of the closing of the offering. The company had previously filed to offer 4.3 million shares at the same price. At the revised deal size, Invizyne Technologies will raise 13% less in proceeds than previously anticipated and command a fully diluted market value of $68 million (-3% vs. original terms).
Because the company now plans to offer rights, Invizyne Technologies will be excluded from Renaissance Capital's 2024 IPO stats.
Invizyne believes its biomanufacturing platform, SimplePath, will be a significant alternative to the current methods of chemical compound production, which are generally chemical synthesis, natural extraction, and synthetic biology. The platform should enable the efficient production of a diverse range of chemicals, including pharmaceuticals, fuels, materials, food additives, and novel compounds. The company has not generated any revenues to date.
Invizyne Technologies was founded in 2019 and plans to list on the Nasdaq under the symbol IZTC. MDB Capital Group is the sole bookrunner on the deal.
