Medtech company Aclarion (ACON) has downsized its proposed initial public offering for the third time to $11M, down 77% from its original goal of $48M.
Aclarion said in a filing on Friday that it now plans to offer 2M units priced at $4.50 to $6.50 per unit, with each unit consisting of one share plus one warrant to buy one share at the public price. If priced at $5.50, the deal would raise approximately $11M.
Underwriters would be granted a 45-day option to purchase up to 341K additional shares and/or warrants to cover any overallotments.
The proposed offering is lower than one detailed a filing on March 23, when Aclarion said it planned to offer 2.27M units in the range of $4.50 to $6.50 apiece. If priced at $5.50, that deal would have raised around $12.5M. In a filing on March 4, the company said it planned to raise $15M.
Aclarion had filed in January to raise up to $48.3M.
The company plans to list its shares on Nasdaq under the symbol ACON. Maxim Group is serving as lead bookrunner.
Aclarion markets a software product called NOCISCAN-LS that helps surgeons identify which spinal discs are causing pain in patients suffering from lower back pain.
For a more in-depth look at Aclarion, check out SA contributor Donovan Jones’s “Aclarion Aims for US IPO to Fund Development Efforts”.