Israel's Motus GI Holdings Inc. plans to raise net proceeds of about $22.6 million through its IPO.
The medical technology company said it will sell 4,250,000 common shares, priced between $5 and $7 each. The shares are expected to be listed on the Nasdaq Capital Market under the symbol MOTS.
Additionally, Motus GI granted underwriters a 30-day option to buy up to an additional 637,500 shares at the offering price. Net proceeds from the IPO could reach up to $26.4 million if the underwriters fully exercise their overallotment option.
The company plans to use net proceeds to develop and commercialize its Pure-Vu colonoscopy device, as well as for working capital and general corporate purposes.
Piper Jaffray & Co. and Oppenheimer & Co. Inc. are underwriting the IPO.
