NYIAX, which provides an advertising marketplace and contract management platform, lowered the proposed deal size for its upcoming IPO on Thursday. The company also disclosed financials for the quarter ended June 30, 2022, and added WestPark Capital as an underwriter.
The New York, NY-based company now plans to raise $8 million by offering 1.6 million shares at a price range of $4 to $6. The company had previously filed to offer 4.4 million shares at a range of $4 to $5. At the midpoint of the revised range, NYIAX will raise -59% less in proceeds than previously anticipated.
The NYIAX platform allows Media Buyers and Sellers to list, buy, and sell advertising or audience campaigns, after which the contract flows directly into the Hyperledger Fabric Blockchain for contract management, reconciliation, and automation purposes. NYIAX believes its utilization of financial technology brings automation of many manual and outdated processes to the advertising industry. The technology platform it employs is protected through a joint patent held by both NYIAX and a subsidiary of Nasdaq.
NYIAX was founded in 2012 and booked $1 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol NYX. Boustead Securities and WestPark Capital are the joint bookrunners on the deal.
