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Discord community server manager Asset Entities (ASST) has set the price of its proposed $8M initial public offering.
In its latest filing, Asset Entities said it plans to offer 1.5M Class B common shares at the assumed price of $5 per share, which would raise nearly $8M.
Underwriters would receive a 45-day option to buy up to 225K additional shares to be offered at the IPO price to cover over-allotments. Boustead Securities is serving as lead bookrunner. The company hopes to list its shares on Nasdaq under the symbol ASST.
In late October, Asset Entities said that it was looking to offer 1.5M priced between $4 and $6.
Asset Entities also updated financial information. For the nine-month period ended Sept. 30, the company reported a net loss of $413K on revenue of $280K. It added that its accounting firm has expressed doubts about its ability to remain as a going concern.
Based in Texas, Asset Entities is a provider of social media marketing services. The company also develops and manages servers for Discord (DSCD) communities, with a focus on trading and investing content.
The latest deal is significantly smaller than one proposed in early September, which sought to raise around $19M.
For more on Asset Entities, check out SA contributor Donovan Jones’s “Asset Entities Proposes $7.5M Mini-IPO Terms”.
Image and article originally from seekingalpha.com. Read the original article here.