Optimi Health Corp. has submitted documentation to conduct an initial public offering in the United States, seeking proceeds of up to $20 million through the sale of 2.5 million common shares. The filing specifies a proposed pricing range of $6.00 to $8.00 per share and identifies Joseph Gunnar & Co., LLC as the underwriter for the offering.
The company has applied to list its common stock on the Nasdaq Capital Market under the ticker symbol "OPTH." In its filing, Optimi Health made clear that it will not complete the U.S. offering if Nasdaq does not approve the listing application.
Presently, Optimi Health’s equity is trading on multiple venues outside the U.S. The shares trade on the Canadian Securities Exchange under the symbol "OPTI," on Germany’s Frankfurt Stock Exchange under the symbol "8BN," and on the OTCQX platform under the symbol "OPTHF." The filing notes that trading on OTCQX will be discontinued if the company’s shares begin trading on Nasdaq.
Market prices reported as of May 15, 2024, in the filing show Optimi Health trading at C$9.45 on the CSE, €5.61 on the Frankfurt exchange, and $7.14 on the OTCQX platform. The filing states these quoted prices reflect a reverse stock split that the company completed.
The proposed offering structure also contemplates warrants. The offering will include warrants to buy up to 115,000 additional common shares at an exercise price equal to 120 percent of the IPO price, assuming full exercise of the underwriter’s over-allotment option.
Optimi Health intends to sell the securities under both U.S. federal securities laws and applicable Canadian securities regulations by relying on a listed issuer financing exemption. The filing provides the mechanics of the deal and the cross-listing contingencies, but does not proceed without Nasdaq approval for the U.S. listing.
Notable specifics:
- Offering size: up to $20 million via sale of 2.5 million common shares.
- Proposed IPO price range: $6.00 to $8.00 per share.
- Underwriter: Joseph Gunnar & Co., LLC.
- Nasdaq symbol applied for: OPTH; completion contingent on Nasdaq approval.
- Current trading: CSE "OPTI", Frankfurt "8BN", OTCQX "OPTHF"; OTCQX trading to cease if Nasdaq listing commences.