Wearable Devices, which is developing non-invasive neural input technology for consumer electronics, raised the proposed deal size for its upcoming IPO on Wednesday.
The Yokne'am Illit, Israel-based company now plans to raise $22 million by offering 3.6 million units at a price range of $5.20 to $7.20. Each unit consists of one ordinary share and one warrant, exercisable at 100% of the IPO price. The company had previously filed to offer 3.6 million shares at a range of $4 to $6. At the midpoint of the revised range, Wearable Devices will raise 24% more in proceeds than previously anticipated and command a fully diluted market value of $99 million.
Because the company is now offering warrants, Wearable Devices is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
Wearable Devices is developing a non-invasive neural input interface in the form of a wrist wearable band for controlling digital devices like consumer electronics, smart watches, and smartphones using subtle finger movements. Its proprietary technology and AI algorithms are used in its Mudra platform. The company is in the final stage of manufacturing its first B2C consumer product, the “Mudra Band," an aftermarket accessory band for the Apple Watch which allows touchless operation and control of the watch.
Wearable Devices was founded in 2014 and plans to list on the Nasdaq under the symbol WLDS. Aegis Capital Corp. is the sole bookrunner on the deal.
