Motus GI Holdings, which is developing a medical device to assist with intraprocedural colonoscopy cleaning, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Tirat Carmel, Israel-based company now plans to raise $21 million by offering 3.5 million shares at a price range of $5 to $7. Insiders still intend to purchase $7.5 million worth of shares in the offering (36% of deal size). The company had previously filed to offer 4.3 million shares at the same range. At the midpoint of the revised range, Motus will raise -18% less in proceeds than previously anticipated.
Motus GI Holdings was founded in 2011 and plans to list on the Nasdaq under the symbol MOTS. Piper Jaffray and Oppenheimer & Co. are the joint bookrunners on the deal.
