SenesTech, which is commercializing a non-lethal rodent control chemical that lowers rat fertility, lowered the proposed deal size for its upcoming IPO on Monday.
The Flagstaff, AZ-based company now plans to raise $20 million by offering 2 million shares at a price range of $9 to $11. Insiders intend to purchase $2 million worth of shares in the offering. The company had previously filed to offer 2 million shares at a range of $12 to $14. At the midpoint of the revised range, SenesTech will raise 23% less in proceeds than previously anticipated.
SenesTech was founded in 2004 and booked $0 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol SNES. Roth Capital is the sole bookrunner on the deal. It is expected to price during the week of November 14, 2016.
