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Nutritional beverage maker Glucose Health (OTCPK:GLUC) has set terms for a proposed downsized $9M public offering and uplisting to Nasdaq.
Glucose Health said in a filing that it intends to offer 2.13M shares priced at $4 per share, which would raise close to $9M. Underwriters would be granted a 45-day option to buy up to 319K additional shares. EF Hutton is serving as lead bookrunner.
Certain selling stockholders are planning to offer an additional 1.31M shares at the same price. Glucose Health would not see any proceeds from that sale.
Glucose Health hopes to list its shares on Nasdaq under the symbol GLUC. Its shares are currently traded OTC under the same symbol. The company is planning to conduct a 1-for-10 reverse stock split ahead of the deal.
The company has been operating in the red. For the nine-month period ended Sept. 30, Glucose Health reported a net loss attributable to common shareholders of $369K on revenue of $919K.
Based in Arkansas, Glucose Health manufactures, markets and distributes nutritional beverages infused with soluble fiber. The company is in the early stages of marketing its lead product, Glucodown, for diabetic and pre-diabetic consumers. It’s also planning to launch a second product called Fiber Up for consumers aged 45 or older.
In a filing made in June, Glucose Health indicated that it would seek up to $30M through an offering.
Image and article originally from seekingalpha.com. Read the original article here.