Advanced Human Imaging, which provides software that measures human body dimensions using a smartphone, lowered the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company changed its offering from ADSs to units with warrants attached. Because the offering now contains warrants, Advanced Human Imaging is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
The South Perth, Australia-based company now plans to raise $11 million by offering 1 million units at a price range of $10 to $12. Each unit consists of two ADSs and one warrant, with an exercise price at least 105% of the IPO price. The company had previously filed to offer 1.9 million ADSs at a range of $7 to $9. At the midpoint of the revised range, Advanced Human Imaging will raise -27% less in proceeds than previously anticipated.
Advanced Human Imaging was founded in 2013 and booked $1 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol AHI. Maxim Group LLC is the sole bookrunner on the deal.
