Adesto Technologies, which fabless provider of flash memory chips for Internet of Things devices, raised $25 million by offering 5 million shares at $5.00.
The company had originally filed to offer 4.1 million shares at a range of $10 to $12, then revised the offering to 6 million shares at a price of $7. Last Thursday, it decreased shares offered to 5 million at a price of $5. At the new price, Adesto Technologies raised 44% less in proceeds than originally anticipated and commands a market cap of $81 million, 53% below its original terms, and an enterprise value of $52 million.
Adesto Technologies plans to list on the Nasdaq under the symbol IOTS. Needham & Co. and Oppenheimer & Co. acted as lead managers on the deal.
