urban-gro, which provides equipment and services for the commercial indoor horticulture market, raised the proposed deal size for its upcoming IPO on Friday.
The Lafayette, CO-based company now plans to raise $25 million by offering 2.4 million shares at $10.50, based on the last reported sale price of its shares on the OTCQX (UGROD). The company had previously filed to offer 3 million shares at $6.60. At the revised price, urban-gro will raise 25% more in proceeds than previously anticipated.
urban-gro engineers and designs indoor controlled environment agriculture facilities and then integrates complex environmental equipment systems into those facilities, providing clients with high-performance indoor cultivation facilities to grow specialty crops, including leafy greens, vegetables, herbs, and plant-based medicines like cannabis and hemp.
urban-gro was founded in 2014 and booked $24 million in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol UGRO. ThinkEquity is the sole bookrunner on the deal.
