Brainsway yesterday priced its initial public offering in the U.S. slightly below the terms it set earlier this month.
The Jerusalem-based company, which is already publicly traded in Israel, said April 3 that it planned to float 2.5 million American Depository shares at roughly $11.94 apiece. Each ADS is would represent two ordinary shares, slated to begin trading today on the NASDAQ exchange under the “BWAY” symbol. Brainsway developed a transcranial magnetic stimulation device to treat psychological disorders.
Yesterday the company said it still plans to float 2.5 million ADS, but at the lower price of $11 apiece, for gross proceeds of $27.5 million. Another $4.1 million is on the table in the form of a 30-day underwriters option for 375,000 more shares, the company said.
Cantor Fitzgerald is the book-runner for the deal, with Raymond James and Oppenheimer as co-runners and Ladenburg Thalmann as co-manager, Brainsway said.
Last August, Brainsway won FDA de novo approval for its deep transcranial magnetic stimulation system with indications for treating obsessive compulsive disorder.