Mobilicom, which makes hardware, software, and cybersecurity products for small drones and robotics, revised the terms for its upcoming US IPO on Tuesday.
The Shoham, Israel-based company now plans to raise $12 million by offering 1.6 million units at $7.43, the as-converted August 11 close of its shares on the ASX (MOB). Each unit contains one ADS and one warrant, exercisable at 125% of the IPO price. It most recently filed to offer 1.7 million units at $6 in a July terms revision that added warrants and cut the originally proposed share offering. The company had originally filed to offer 2.2 million ADSs at $4.65. At the revised terms, Mobilicom will raise 18% more in proceeds than previously anticipated and command a market value of $21 million (+4% vs. most recent terms).
Because the company's post-IPO market cap is below $50 million and the company is offering units, Mobilicom will be excluded from Renaissance Capital's 2022 IPO stats.
Mobilicom designs, develops, and manufactures hardware, software, and cybersecurity products that are embedded in small drones (SUAVs) and robotics. The company's customer base spans the US, Europe, and Israel, and it primarily generates revenue from the sale of its hardware and from licensing fees and professional support services related to its software and cybersecurity solutions.
Mobilicom was founded in 2006 and booked $3 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol MOB. ThinkEquity is the sole bookrunner on the deal.
