Wearable Devices, which is developing non-invasive neural input technology for consumer electronics, raised $16 million by offering 3.8 million units at $4.25, below the upwardly revised range of $5.20 to $7.20. Each unit consists of one share of common stock and two warrants, with an initial exercise price of $4.00 per share. The company offered 0.2 million more units than anticipated. It originally planned to offer 3.6 million shares at $4.00 to $6.00, before adding warrants and raising the range in April.
Because the company offered units with warrants attached, Wearable Devices will be excluded from Renaissance Capital's 2022 IPO 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 plans to list on the Nasdaq under the symbol WLDS. Aegis Capital Corp. acted as sole bookrunner on the deal.
