SaverOne 2014, which is developing an electronic system that blocks cellphone use while driving, revised the terms for its upcoming IPO on Monday.
The Petah Tikvah, Israel-based company now plans to raise $13 million by offering 2.5 million units at $5.16, the as-converted April 27 close of its shares on the Tel Aviv Stock Exchange (SAVR). Each unit consists of one ADS and one warrant, exercisable at 125% of the IPO price. The company had previously filed to offer 1.4 million ADSs at $7.22. At the revised price, SaverOne 2014 will raise 30% more in proceeds than previously anticipated and command a market value of $27 million (-7% vs. original terms).
Because the company is offering warrants and it is expected to price with a market cap less than $50 million, SaverOne will be excluded from Renaissance Capital's 2022 IPO stats.
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.
