Mobilicom, which makes hardware, software, and cybersecurity products for small drones and robotics, raised $12 million by offering 2.9 million units at $4.13, well below the as-converted last close of its shares on the ASX ($8.64). Each unit contains one ADS and one warrant, exercisable at $5. The company offered 1.3 million more units than anticipated. It originally planned to offer 2.2 million ADSs at $4.65, before cutting the ADS offering, raising the proposed price, and adding warrants in July.
Because the company's market cap at pricing is below $50 million and the offering contained warrants, 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 plans to list on the Nasdaq under the symbol MOB. ThinkEquity acted as sole bookrunner on the deal.
