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Online game developer Snail (SNAL) has downsized its proposed initial public offering to $15M from $30M.
Snail said in a filing that it was now considering offering 3M shares priced between $4 and $6 per share, which would raise approximately $15M if priced at the midpoint. Underwriters would receive a 45-day option to buy up to 450K additional shares to cover over-allotments.
Earlier this month, Snail said it was interested in offering 5M shares priced between $5 and $7, which would have raised around $30M if priced at the midpoint.
The company intends to list its shares on Nasdaq under the symbol SNAL. Snail first filed to hold an IPO in September.
Based in Culver City, Calif., Snail is a developer of digital entertainment content, particularly online multiplayer games. Its top revenue generator is “ARK: Survival Evolved.”
For more on Snail, check out SA contributor Donovan Jones’s “Video game publisher Snail Readies $30M IPO.”
Image and article originally from seekingalpha.com. Read the original article here.