Early-stage developer G Medical Innovations today set the terms for an upcoming initial public offering that could bring in approximately $17.3 million for the company.
G Medical Innovations is developing wireless technologies and proprietary information technology and serve platforms for the healthcare market, according to its website.
The company’s current products under development include a smartphone case intended to turn the user’s mobile phone into a medical monitor, and a wearable, clinical grade diagnostics monitoring patch, according to the side.
The Cayman Islands-based company is looking to raise approximately $17.3 million through the offering of shares as represented by American Depository Shares, according to an SEC filing.
A total of approximately 1.4 million American Depository Shares will be offered, representing approximately 100 million ordinary shares of the company’s stock, according to the filing.
The offering will also include approximately $1.5 million in shares underlying the American Depository Shares exercisable through warrants. If successful, the offering could bring in a total of $18.8 million for the company, according to the SEC filing.
G Medical Innovation said that with the IPO, it plans to list on the Nasdaq Capital Market under the ticker symbol “GMVD.”
In November 2017, G Medical Innovations said that it raised $10.3 million (AUSD $13.5 million) to support commercialization of its Prizma medical smartphone accessory and case.
