Nano-X Imaging, which is developing affordable medical imaging systems, announced terms for its IPO on Friday.
The Neve Ilan, Israel-based company plans to raise $100 million by offering 5.9 million shares at a price range of $16 to $18. Certain insiders and other investors intend to purchase $80 million worth of shares in the offering. At the midpoint of the proposed range, Nano-X Imaging would command a fully diluted market value of $793 million.
The company is developing lower cost medical imaging technology which it believes can achieve the same functionality as legacy X-ray imaging. Nano-X's Nanox System is comprised of its Nanox.ARC hardware, which uses microelectromechanical system semiconductor cathode as opposed to X-ray analog cathodes, and its cloud-based imaging software Nanox.CLOUD.
Nano-X Imaging was founded in 2012 and plans to list on the Nasdaq under the symbol NNOX. Cantor Fitzgerald, Oppenheimer & Co., Berenberg and CIBC are the joint bookrunners on the deal. It is expected to price during the week of August 17, 2020.
