Wytec International, which makes small cell tech and wide area networks for 5G cell phone network coverage, amended the terms of its proposed IPO on Wednesday.
The San Antonio, TX-based company now plans to raise $16 million by offering 3.8 million units at a price of $4.25. The company had previously filed to offer 2.9 million units at a range of $4.15 to $6.15. Each unit now consists of one share of common stock and two warrants, instead of one warrant; both warrants are exercisable at the offer price. At the revised price, Wytec will raise 6% more in proceeds than previously anticipated and command a fully diluted market value of $75 million.
Because the company is offering warrants, Wytec International is not eligible for tracking and is excluded from Renaissance Capital's stats.
Wytec International was founded in 2011 and booked $0.4 million in revenue during the fiscal year ended December 31, 2021. It plans to list on the Nasdaq under the symbol WYTC. EF Hutton is the sole bookrunner on the deal. It is expected to price during the week of May 2, 2022.
