Opti-Harvest, which makes sunlight optimization products for agriculture, raised the proposed units offered for its upcoming IPO on Friday.
The Beverly Hills, CA-based company now plans to raise $11 million by offering 2.7 million units at $4.15, with each unit containing one share of common stock and one warrant, exercisable at the IPO price. The company had previously filed to offer 1.9 million units at $4.15. At the revised offering size, Opti-Harvest will raise 37% more in proceeds than previously anticipated.
Because the company plans to offer units with warrants attached, Opti-Harvest will be excluded from Renaissance Capital's IPO stats.
Opti-Harvest provides agriculture equipment and technology that enable commercial growers and home gardeners to better utilize sunlight. Its Opti-Filter products are designed to optimize land and water resources by utilizing sunlight in novel ways to accelerate growth in newly planted crops (Opti-Gro, Opti-Shield, ChromaGro) and improve production in mature vineyards and orchards (Opti-Skylights, Opti-Panels). The Opti-Filter family of products is complimented by its precision farming platform Opti-View. The company began commercializing its Opti-Gro and ChromaGro products in the 1H21, its Opti-Shield and Opti-Panel in the 1H22, and it plans to commercialize its Opti-Skylight products. Its Opti-View product is currently in the R&D phase.
Opti-Harvest was founded in 2016 and plans to list on the Nasdaq under the symbol OPHV. WestPark Capital is the sole bookrunner on the deal.
