2d illustrations and photos/iStock via Getty Images
Lab-grown diamond producer Adamas One (JEWL) has upsized a proposed initial public offering to $34M from $26M by increasing the number of shares to be offered by certain stockholders.
Adamas One said in a filing that shareholders are now planning to offer 4M shares priced between $4.50 and $5, which would raise $19M if priced at the midpoint. The company would not receive any proceeds from the sale. Adamas One still intends to offer 3.2M shares at the same price, which would raise $15M for the company if priced at $4.75 per share.
Underwriters would receive a 45-day option to buy up to 473K additional shares to cover any over-allotments. Alexander Capital is serving as lead bookrunner. Adamas One hopes to list its shares on Nasdaq under the symbol JEWL.
In a filing made earlier this month, Adamas One said that selling shareholders planned to offer 2.2M shares priced $4.50 to $5, which would have raised around $11M at the midpoint. Adamas One was planning to offer 3.2M shares at the same price.
Based in Arizona, Adamas One produces lab-grown, ethically sourced diamonds for jewelry and industrial purposes.
For more on Adamas One, check out SA contributor Donovan Jones’s “Adamas One Finalizes Mini-IPO Plans”.
Image and article originally from seekingalpha.com. Read the original article here.