Micro-cap CNS drug developer NLS Pharmaceutics sets terms for $20 million IPO
NLS Pharmaceutics, which is developing controlled-release formulations of approved drugs for ADHD and narcolepsy, announced terms for its IPO on Monday.
The Stans, Switzerland-based company plans to raise $20 million by offering 3.6 million units at a price range of $5 to $6. Each unit consists of one share of common stock and one warrant, which will be exercisable at a price greater than or equal to the offering price. At the midpoint of the proposed range, NLS Pharmaceutics would command a market value of $58 million. Because there are warrants attached to the offering, NLS Pharmaceutics is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
NLS Pharmaceutics was founded in 2015 and plans to list on the Nasdaq under the symbol NLSP. Maxim Group LLC is the sole bookrunner on the deal.
The article Micro-cap CNS drug developer NLS Pharmaceutics sets terms for $20 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.