T1V (THNK), a developer of visual collaboration software, has filed for a $17M initial public offering.
The software company said in a filing that it was looking to offer 3.2M units priced between $4.15 and $6.15, which would raise close to $17M if priced at the midpoint. Each unit would consist of one share plus one warrant to buy one share at 110% the IPO price.
Underwriters would be granted a 45-day option to buy up to 481K additional shares and/or warrants to cover over-allotments. EF Hutton is serving as sole bookrunner.
The company also intends to conduct a 25-for-1 stock split ahead of the deal. T1V hopes to list its shares on Nasdaq under the symbol THNK.
Based in Charlotte, N.C., T1V develops visual collaborative systems that enable multiple users to contribute or edit content on a joint canvas from multiple locations. The company’s primary products include ThinkHub Room and ThinkHub Cloud.
T1V is has been operating at a loss. For the nine-month period ended Sept. 30, the company reported a net loss of $3.6M on revenue of $11.1M.
Meanwhile, shares of enterprise software developers were put under pressure Wednesday after Microsoft (MSFT) issued a weaker-than-expected forecast for its Azure cloud computing business.