Monster Digital, which sells action cameras, memory products and other branded consumer electronics, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Simi Valley, CA-based company now plans to raise $13 million by offering 2.5 million shares and warrants at a price range of $4.50 to $6.00. The company had previously filed to offer 1.0 million units representing two shares and three warrants at $15. At the midpoint of the revised range, Monster Digital will raise 13% less in proceeds than previously anticipated.
The company is excluded from our IPO stats due to its proposed market cap below $50 million and attached warrants.
Monster Digital was founded in 2007 and booked $8 million in sales for the 12 months ended December 31, 2015. It plans to list on the Nasdaq under the symbol MSDI. Axiom Capital Management is the sole bookrunner on the deal. It is expected to price during the week of June 20, 2016.
