Ready meal marketer Home Bistro (OTCPK:HBIS) has filed for a proposed $14 million IPO.
The Miami-based company said in a filing that it intends to offer 2.5 million shares, but didn’t provide a price range. An attachment Registration fee schedule said it would raise around $14 million. EF Hutton is acting as Lead Bookrunner.
Home Bistro shares are currently traded over the counter under the symbol HBIS. The company hopes to list its shares on the Nasdaq under the same symbol and perform a reverse stock split before the listing. The stock ended Monday’s trading session at $0.15 a share, down 17% from Friday’s close.
Formerly known as Gratitude Health, Home Bistro creates and markets ready-made gourmet meals inspired by celebrity chefs. It also offers a meal prep service called Model Meals and sells frozen meat, fish, and poultry under the Colorado Prime and Prime Chop labels.
The company is in the red. For the nine-month period ended July 31, 2022, Home Bistro reported a net loss of $8 million on sales of $2 million.
In May, Home Bistro announced it would offer a subscription service for its Model Meals brand.