ParaZero Technologies, which is developing autonomous parachute safety systems for commercial drones, raised the proposed unit offering for its upcoming IPO on Thursday.
The Kiryat Ono, Israel-based company now plans to raise $19 million by offering 3 million units at a price range of $5.20 to $7.20. Each unit consists of one share of common stock and two warrants, exercisable at $5.95 assuming pricing at the midpoint. The company had previously filed to offer 2.5 million units at the same range. At the revised unit count, ParaZero Technologies will raise 20% more in proceeds than previously anticipated.
Because the company plans to offer units with warrants attached, and will have a post-IPO market cap of less than $50 million, ParaZero Technologies will be excluded from Renaissance Capital's 2022 IPO stats.
ParaZero is an aerospace company focused on drone safety systems and engaged in designing, developing, and providing autonomous parachute safety systems for commercial drones. Its patented technology, the SafeAir system, is designed to protect hardware, people, and payload in the event of an in-flight failure.
ParaZero Technologies was founded in 2013 and booked $1 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol PRZO. Aegis Capital Corp. is the sole bookrunner on the deal.
