NEW YORK – Anbio Biotechnology filed this week a preliminary prospectus for an initial public offering on the Nasdaq exchange of 1.6 million shares at an anticipated offering price in the range of $5 to $6 per share.
At the lower end of the range net proceeds from the IPO are expected to be $7.0 million, the company said.
The Frankfurt, Germany-based diagnostics firm said in a Dec. 31 filing with the US Securities and Exchange Commission that it plans to offer 1.6 million Class A shares on the Nasdaq Global Market under ticker symbol NNNN. A date for the proposed offering was not provided.
AC Sunshine Securities is serving as the underwriter for the offering.
Anbio is a developer of in vitro diagnostic tests for a mix of over-the-counter, point-of-care, and laboratory settings. It said that it intends to use the money from the offering to expand its sales and distribution network in certain strategically important markets and support R&D activities as well as for working capital and general corporate matters.
The company noted in the SEC filing that it had recorded fiscal year 2023 revenues of $6.71 million, with 69 percent of those revenues coming from the company's EU business. More recently, the firm generated $5.85 million in the first half of calendar year 2024.
The firm reported 2023 net income of $2.3 million. As of June 30, 2024, it had $10.3 million in cash and cash equivalents.