Liberty Defense Holdings Ltd. announced the pricing of its U.S. initial public offering, setting the sale at $4.50 per common share for 3.67 million shares. In addition to the common shares, the company is offering pre-funded warrants to certain investors to buy 770,807 common shares at a price of $4.4999 per warrant.
The offering is expected to generate gross proceeds of approximately $20 million before underwriting discounts and other expenses. Liberty Defense has provided the underwriters with a 30-day option to purchase up to 666,666 additional common shares to cover over-allotments.
Shares sold in the offering are expected to begin trading on the Nasdaq Capital Market on April 22, 2026, under the ticker symbol "DETX." Concurrent with the U.S. listing, the company’s securities will cease trading on the OTCQB Venture Market under the symbol LDDFF, while continuing to trade on the TSX Venture Exchange. The offering is scheduled to close on April 23, 2026, subject to customary closing conditions.
The Benchmark Company, LLC is serving as the sole bookrunning manager for the offering. The company disclosed that Chief Executive Officer William Frain intends to purchase 5,555 common shares in the offering for approximately $25,000.
Liberty Defense develops solutions intended for concealed weapons detection in high-traffic environments such as airports, stadiums and schools. The company holds an exclusive license from the Massachusetts Institute of Technology for its HEXWAVE product, which employs active 3D radar imaging technology to detect both metallic and non-metallic weapons.
On the regulatory front, the U.S. Securities and Exchange Commission declared the company’s Form F-1 registration statement effective on March 31, 2026. The company also noted that securities issued to Canadian purchasers will be subject to a four-month hold period under Canadian securities laws.
Offering structure and schedule
The IPO includes both common shares and pre-funded warrants allocated to certain investors, and the arrangement includes a conventional over-allotment option for the underwriters lasting 30 days. The timetable provided anticipates Nasdaq trading to commence on April 22, 2026, with closing of the offering on April 23, 2026, pending customary conditions.
Product and licensing
Liberty Defense’s commercial technology focus remains HEXWAVE, a system licensed exclusively from MIT. The company characterizes HEXWAVE as using active three-dimensional radar imaging to identify metallic and non-metallic weapons in busy public settings.
Additional details
- Gross proceeds are estimated at about $20 million before underwriting discounts and other expenses.
- Underwriters may purchase up to 666,666 additional shares within 30 days to cover over-allotments.
- CEO William Frain has signaled an intention to acquire 5,555 shares for roughly $25,000 in the offering.