NLS Pharmaceutics, which is developing controlled-release formulations of approved drugs for ADHD and narcolepsy, announced terms for its IPO on Monday.
The Stans, Switzerland-based company plans to raise $20 million by offering 3.6 million units at a price range of $5 to $6. Each unit consists of one share of common stock and one warrant, which will be exercisable at a price greater than or equal to the offering price. At the midpoint of the proposed range, NLS Pharmaceutics would command a market value of $58 million. Because there are warrants attached to the offering, NLS Pharmaceutics is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
NLS Pharmaceutics was founded in 2015 and plans to list on the Nasdaq under the symbol NLSP. Maxim Group LLC is the sole bookrunner on the deal.
