Telemynd Inc. expects to offer the common shares in its planned IPO in a price range of $5.50 to $6.50.
The company will sell 1,550,000 shares in the IPO and has granted underwriters to buy up to an additional 232,500 shares to raise up to $11.6 million, assuming the maximum offering price of $6.50 per share.
Mission Viejo, Calif.-based Telemynd, which operates as a technology-enabled behavioral health company that provides telepsychiatry and teletherapy services in the U.S., plans to list its shares on the Nasdaq under the symbol PSYC and on the OTCQB market.
The company plans to use the proceeds for working capital and general corporate purposes. Additionally, the amount raised will fund acquisitions or investments along with operating expenses and capital expenditure.
Telemynd, which was formed as the result of a spin-off of assets following the completion of a merger between Emmaus Life Sciences Inc. and telepsychiatry services provider MYnd Analytics Inc., is led by CEO Patrick Herguth.
Aegis Capital Corp. is serving as the underwriter for the IPO.
