Hanibaram
Moving company Elate Group (ELGP) has announced the terms of a proposed $34 million initial public offering.
Elate announced in a filing that it plans to offer 1.3 million units, with each unit consisting of one Class A common share plus two warrants to purchase one Class A common share per share. The units will cost between $5.25 and $7.25, which would fetch about $8 million at a median price of $6.25 per unit.
The Company will also offer pre-funded units to investors whose participation in the offering would result in them owning more than 4.99% of the Company’s outstanding Class A common shares. Each Pre-Funded Unit would consist of one Pre-Funded Warrant to Purchase One Share and two Warrants to Purchase One Share.
The warrants have an exercise price equal to the public price of each unit. Underwriters will have a 45-day option to purchase up to 200,000 additional units and/or prefunded warrants and/or up to 400,000 additional warrants.
In a fee schedule accompanying its most recent filing, Elate said it expects the proposed deal to raise around $34 million, including the exercise of various warrants.
Elate hopes to list its shares on the Nasdaq under the symbol ELGP. Aegis Capital is acting as Lead Bookrunner.
Based in New York, Elate offers “high-touch” moving, warehousing and concierge services, including international moves. The Company’s operations are primarily focused on the major metropolitan areas of the US East Coast.
Elate first filed for an IPO in April, saying it wanted to raise around $40 million.
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