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Wellness services provider Nava Health MD (OTC:NAVA) has filed for a proposed $12M initial public offering.

Nava Health said in a filing that it is considering offering 2M shares priced between $5 and $7, which would raise $12M if priced at the midpoint. The company hopes to list its shares on Nasdaq under the symbol NAVA.

Underwriters would be granted a 45-day option to buy up to 300K additional shares and/or warrants to buy up to 150K shares, in any combination. WestPark is serving as lead bookrunner.

Based in Maryland, Nava Health uses proprietary software to generate data-driven individualized wellness plans. The company also provides telehealth services plus on-site services such as physician appointments, acupuncture, IV micronutrient therapies and aesthetic treatments at its spa-like locations.

Nava Health currently operates three wellness centers in the Baltimore/Washington, D.C. area and is planning to open eight more by the end of 2023.

The company has been operating in the red. For the six months ended June 30, Nava Health reported a net loss of $171K on revenue of $6M.

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By admin