IPO update, page-94

G Medical Innovations adds warrants, lowers deal size by 17% ahead of $15 million US IPO
June 9, 2021

GMVD
G Medical Innovations Holdings, which provides app-connected medical devices for monitoring vital signs, lowered the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company also added warrants and replaced its sole bookrunner ThinkEquity with Kingswood Capital Markets.

The Rehovot, Israel-based company now plans to raise $15 million by offering 2.5 million units at a price range of $5 to $7. The company had previously filed to offer 3 million shares at the same range. Each unit consists of one ordinary share and one warrant, exercisable at 125% of the IPO price. At the revised deal size, G Medical Innovations Holdings will raise -17% less in proceeds than previously anticipated. Because the company is offering units with warrants attached, G Medical Innovations no longer qualifies for tracking and will be excluded from Renaissance Capital's stats.

The primary shareholder is founder and CEO Yacov Geva with a 34% post-IPO stake.

G Medical Innovations Holdings was founded in 2014 and booked $5 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol GMVD. Kingswood Capital Markets is the sole bookrunner on the deal.