Focus Universal, which is developing smart sensors and devices for the home and other areas, filed on Friday with the SEC to raise up to $10 million in an initial public offering. The company is currently listed on the OTCQB (FCUV) and previously filed to list on the Nasdaq in July 2019, but withdrew in November 2020.
The Ontario, CA-based company plans to raise $10 million by offering 2 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Focus Universal would command a fully diluted market value of $215 million.
The company is focused on the development, sale and installation of products using its proprietary IoT and power line communication technologies, universal smart monitors and controllers for the gardening industry, and distributed shared universal smart home products.
Focus Universal was founded in 2012 and booked $2 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol FCUV. Boustead Securities is the sole bookrunner on the deal.
