Deep Fission Inc. filed paperwork on Wednesday seeking to offer 6 million shares of its common stock in an initial public offering on the Nasdaq Global Market under the ticker symbol FISN.
The company disclosed an anticipated price band of $24.00 to $26.00 per share. Using the midpoint of that range as a reference, the offering would raise approximately $150 million.
This transaction would represent Deep Fission's first time selling stock to the public; the company stated that there is no established trading market for its common shares at present. The offering will not be completed unless the Nasdaq approves the application to list the stock.
Five firms are acting as underwriters on the deal: William Blair, Stifel, Canaccord Genuity, Benchmark and Seaport Global Securities. The company said the final public offering price will be set by agreement between Deep Fission and representatives of the underwriting group.
Deep Fission's common stock carries a par value of $0.0001 per share. In its filing the company also noted that the expected offering price may not indicate how the shares will trade after the offering is completed.
Summary
Deep Fission has launched a registration to sell 6 million common shares on the Nasdaq Global Market with an anticipated price range of $24.00 to $26.00 per share. At the midpoint of that range the offering would generate roughly $150 million. The sale is the company's first public offering and is contingent on Nasdaq approving the listing. A syndicate of William Blair, Stifel, Canaccord Genuity, Benchmark and Seaport Global Securities will underwrite the offering, and the final price will be determined by agreement between the company and the underwriters.
Key points
- Deep Fission plans to offer 6 million common shares on the Nasdaq Global Market under the ticker FISN.
- The company set an expected price range of $24.00 to $26.00 per share, with about $150 million raised at the midpoint.
- Underwriters for the IPO are William Blair, Stifel, Canaccord Genuity, Benchmark and Seaport Global Securities; the final price will be agreed with underwriter representatives.
Risks and uncertainties
- The offering is subject to Nasdaq approval - if the exchange does not grant the listing, the offering will not be completed. This affects equity markets and listing services.
- The company cautioned that the anticipated pricing may not reflect how shares will trade following the offering, introducing market-price uncertainty for prospective investors and secondary market participants.
- The final public offering price will be set by negotiation between Deep Fission and the underwriters, meaning the ultimate proceeds may differ from the anticipated midpoint estimate, which has implications for capital markets and institutional underwriting activity.