Opti-Harvest, which makes sunlight optimization products for agriculture, filed a new S-1 with the SEC on Monday. The company originally filed in August 2022 and set terms the following January. In its latest filing, the company disclosed new terms and disclosed financials for the three months ended March 31, 2023.
The Beverly Hills, CA-based company now plans to raise $8 million by offering 1.9 million units at $4.15, with each unit containing one share of common stock and one warrant, exercisable at the IPO price. The company had previously filed to offer 2 million shares at $4. At the revised terms, Opti-Harvest will raise the same amount of proceeds as previously anticipated.
Because the company now plans to offer units with warrants attached, Opti-Harvest will be excluded from Renaissance Capital's 2023 IPO stats.
Opti-Harvest provides agriculture equipment and technology that enable commercial growers and home gardeners to better utilize sunlight. Its Opti-Filter products are designed to optimize land and water resources by utilizing sunlight in novel ways to accelerate growth in newly planted crops (Opti-Gro, Opti-Shield, ChromaGro) and improve production in mature vineyards and orchards (Opti-Skylights, Opti-Panels). The Opti-Filter family of products is complimented by its precision farming platform Opti-View. The company began commercializing its Opti-Gro and ChromaGro products in the 1H21, its Opti-Shield and Opti-Panel in the 1H22, and plans to commercialize its Opti-Skylight products in 1H23. Its Opti-View product is currently in the R&D phase, with an anticipated commercial offering in the 2H23.
Opti-Harvest was founded in 2016 and plans to list on the Nasdaq under the symbol OPHV. WestPark Capital is the sole bookrunner on the deal.
