Synergy CHC, which provides consumer health care, beauty, and lifestyle products, lowered the proposed deal size for its upcoming IPO on Thursday. The company had originally filed in June 2024, but did not meet our minimum $50 million market cap requirement. Synergy CHC had been listed on the OTC Pink (SNYR) but was shifted to the OTC Expert Market on September 28, 2021, which means that there are no longer publicly-available quotations of its common stock.
The Westbrook, ME-based company now plans to raise $10 million by offering 1 million shares at a price range of $9 to $11. The company had previously filed to offer 2 million shares at a range of $9 to $11. At the midpoint of the revised range, Synergy CHC will raise -50% less in proceeds than previously anticipated and command a fully diluted market value of $86 million.
Synergy's current brand portfolio consists of two marquee brands, patented brain health supplement FOCUSfactor and lifestyle brand Flat Tummy, and a developing brand, Hand MD, a range of preventative, restorative, and anti-aging skin care products designed for the hands. Its products are sold through club, mass drug, and other retailers such as Costco, Amazon, Walmart, Walgreens, CVS, The Vitamin Shoppe, Target, H-E-B, and SuperValu.
Synergy CHC was founded in 2010 and booked $41 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol SNYR. Roth Capital is the sole bookrunner on the deal. It is expected to price on Wk of 10/14.
