SaverOne 2014, which is developing an electronic system that blocks cellphone use while driving, announced terms for its IPO on Wednesday.
The Petah Tikvah, Israel-based company plans to raise $10 million by offering 1.4 million ADSs at $7.22, the as-converted March 28 close of its shares on the Tel Aviv Stock Exchange (SAVR). At that price, SaverOne would command a market value of $29 million.
SaverOne will be excluded from Renaissance Capital's stats if its market value is less than $50 million at pricing.
The company is engaged in the design, development and commercialization of transportation and safety solutions. Its SaverOne system combines proprietary hardware, software, and algorithms to identify and monitor mobile phones located in the driver’s vicinity and selectively block use of life-threatening applications. SaverOne has completed development of its Generation 1.0 system and is in the pre-commercialization/early use phase. Its Generation 2.0 system, which will replace Generation 1.0, is nearing completion, and its Generation 3.0 system is in the early stages of development with an expected launch in 2025. Generation 1.0 and 2.0 are intended for the automobile aftermarket, while the Generation 3.0 is being designed for the OEM market.
SaverOne 2014 was founded in 2014 and plans to list on the Nasdaq under the symbol SVRE. ThinkEquity is the sole bookrunner on the deal.
