ParaZero Technologies, which is developing autonomous parachute safety systems for commercial drones, raised $8 million by offering 2.0 million shares at $4, the low end of the range of $4 to $6.
Concurrently, selling shareholders had planned to register 4.0 million shares, which may be offered and sold from time to time pursuant to the separate resale prospectus.
At pricing, ParaZero Technologies has a market cap of less than $50 million, so the company will be excluded from Renaissance Capital's 2023 IPO stats.
ParaZero is an aerospace company focused on drone safety systems and engaged in designing, developing, and providing autonomous parachute safety systems for commercial drones. Its patented technology, the SafeAir system, is designed to protect hardware, people, and payload in the event of an in-flight failure.
ParaZero Technologies plans to list on the Nasdaq under the symbol PRZO. Aegis Capital Corp. acted as sole bookrunner on the deal.
