hanibaram
Moving services company Elate Group (ELGP) has disclosed terms for a proposed $34M initial public offering.
Elate said in a filing that it is planning to offer 1.3M units, with each unit consisting of one Class A common share plus two warrants to buy one Class A common share apiece. The units will be priced between $5.25 and $7.25, which would raise around $8M if priced at the midpoint at $6.25 per unit.
The company will also be offering pre-funded units to investors whose participation in the offering would result in them beneficially owning more than 4.99% of the company’s outstanding Class A common stock. Each pre-funded unit would consist of one pre-funded warrant to purchase one share and two warrants to buy one share apiece.
The warrants will have an exercise price equal to the public price of the individual units. Underwriters will be granted a 45-day option to buy up to 200K additional units and/or pre-funded warrants and/or up to 400K additional warrants.
In a fee schedule attached to its latest filing, Elate said it expected the proposed deal to raise up around $34M, including the exercise of various warrants.
Elate hopes to list its shares on Nasdaq under the symbol ELGP. Aegis Capital is serving as lead bookrunner.
Based in New York, Elate provides “high touch” moving, storage and concierge services, including international relocation. The company’s operations are focused primarily on major metro areas on the US East Coast.
Elate first filed for an IPO in April, indicating that it was looking to raise around $40M.
Image and article originally from seekingalpha.com. Read the original article here.