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Australian medical technology company CardieX (OTC:CDEX) has announced terms of a $10 million IPO in the United States.
CardieX said in a filing that it would like to offer 1.33 million American Depositary Shares (ADSs) at a price between $7.50 and $8, which would fetch just over $10 million at a price the middle-point.
Underwriters would be given a 30-day option to purchase up to 200,000 additional ADSs to cover over-allotments. Roth Capital Partners acts as Lead Bookrunner.
CardieX hopes to list its shares on the Nasdaq under the symbol CDEX. The shares are currently traded on the Australian Securities Exchange.
CardieX, based in Sydney, is a developer of cardiovascular health monitoring devices. The Company’s lead product, SphygmoCor XCEL, is used to monitor arterial pressure.
The company is in the red. For the fiscal year ended June 30, 2022, CardieX reported a loss attributable to owners of $8.7 million on revenue of $3 million.
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