urban-gro, which provides equipment and services for the commercial indoor horticulture market, revised the terms for its upcoming IPO on Wednesday.
The Lafayette, CO-based company now plans to raise $45 million by offering 3.5 million shares at $13, the February 4, 2021 close of its shares on the OTCQX (UGRO). The company had most recently filed to offer 4.3 million shares at $10.50. At the revised terms, urban-gro will raise the same amount of proceeds and would command a fully diluted market value of $111 million (+14% vs. previous terms).
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.
