Agritech provider Opti-Harvest (OPHV) has downsized its proposed initial public offering to $8M from $35M.
The developer of crop-yield optimization technology said in a filing that it is now looking to offer 2M shares priced between $3.50 and $4.50, which would raise $8M if priced at the midpoint. Underwriters would receive a 45-day option to buy up to 300K additional shares at the IPO price.
Opti-Harvest is hoping to list its shares on Nasdaq under the symbol OPHV. WestPark Capital is serving as lead bookrunner.
In August, Opti-Harvest indicated in the filing fee schedule of its S-1 filing that it was seeking up to $35M through an offering of units and underlying warrants.
For more on Opti-Harvest, check out Donovan Jones’s “Opt-Harvest Files for $35M US IPO.”