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Israeli drone technology developer ParaZero Technologies (PRZO) has updated terms for a proposed $29M US initial public offering that will consist of $9M shares to be offered by the company and $20M by selling shareholders.
ParaZero said in a filing that it is now looking to offer 1.8M shares at between $4 to $6M, which would raised about $9M if priced at the midpoint. Existing stockholders would be offering an additional 4M shares at the same price. ParaZero would not receive any proceeds from shares sold by selling stockholders.
Underwriters would be granted a 45-day option to buy up to 263K additional shares at the IPO price. Aegis Capital is serving as lead bookrunner.
In September, ParaZero said in a filing that it was seeking to offer 3M units priced between $5.20 and $7.20, which would have raised around $19M for the company if priced at the midpoint. Each unit consisted of one share plus two warrants to buy one share apiece.
Based in Tel Aviv, ParaZero is a developer of security systems for commercial drones. The company reported a net loss of $615K on revenue of $724K for 2021.
For more on ParaZero, check out Donovan Jones’s “ParaZero Technologies Readies $16M US IPO”.