GBS, which is developing saliva-based tests for SARS-CoV-2 and diabetes management in China, lowered the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-based company now plans to raise $18 million by offering 1.1 million units at a price range of $16 to $18. The company had previously filed to offer 1.2 million units at the same range. Each unit consists of one share of common stock; one Series A warrant to purchase one share of common stock, exercisable at 50% of the unit offering price; and one Series B warrant to purchase one share of common stock, exercisable at 100% of the unit offering price. At the midpoint, GBS will raise -10% less in proceeds than previously anticipated. Because the company is offering units with warrants attached, GBS will be excluded from Renaissance Capital's stats.
GBS was founded in 2016 and plans to list on the Nasdaq under the symbol GBS. Dawson James is the sole bookrunner on the deal.
