Medtech firm Brain Scientific recently filed for an IPO to have its shares listed on the Nasdaq exchange. The company expects to raise around $13 million by offering 1.5 million shares as well as warrants. The combined offering price of one share and one accompanying warrant is set at $8.50.
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The company, whose shares currently trade Over-the-Counter (OTC), will be listed on the Nasdaq under the symbol BRSF. Joseph Gunnar is underwriting the IPO.
Brain, which sells neurology devices and piezo motor products to the Medtech sector, is not yet profitable. Investors should be cautious of a near-term overhang on revenues as its largest revenue-generating unit in Russia is set to be wound down in March in the wake of the relentless Russia-Ukraine war.
Nonetheless, Brain’s lead neurology product, NeuroCap, received approval to be released to the European markets last year. Several distribution deals for the product have also been signed.
This year is likely to see a number of new biotech stocks on the U.S. stock exchanges, including Genelux Corp. and Cadrenal Therapeutics.
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