urban-gro, which provides equipment and services for the commercial indoor horticulture market, raised the proposed deal size a second time for its upcoming Nasdaq uplisting on Monday.
The Lafayette, CO-based company now plans to raise $45 million by offering 4.3 million shares at a price of $10.50, the January 20 close of its shares on the OTCQX (UGROD). The company had originally filed to offer 3.0 million shares at $6.60 and amended its filing last week to offer 2.4 million shares at $10.50. At the revised deal size, urban-gro will now raise 80% 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. It is expected to price during the week of January 25, 2021.
