Kindly MD, Inc. (KindlyMD), which operates health clinics focused on non-opioid therapies including medicinal cannabis, raised $6.8 million by offering 1.2 million units at $5.50 per unit. The company had originally filed to raise $7.0 million at the same price. The units consist of one share of common stock, one tradeable warrant to purchase a share with an exercise price of $6.33, and one non-tradeable warrant to purchase half of a share with an exercise price of $6.33.
Applying the IPO price of the units to the number of outstanding common shares post-IPO, Kindly MD would have an IPO market cap of $33 million.
On Friday, the common shares began trading under the symbol KDLY, while the tradeable warrants began trading under the symbol KDLYW. On their first day of trading, shares of KDLY finished at $3.13, while warrants closed at $0.42, representing a 35% loss for IPO buyers, excluding the value of the non-tradeable warrants.
The Salt Lake City, Utah-based company generated $3.8 million in revenue during fiscal 2023, with an operating loss of $1.6 million. WallachBeth Capital acted as sole bookrunner on the deal.
Note: Because the company offered units and the post-IPO market cap is less than $50 million, Kindly MD is excluded from Renaissance Capital's 2024 IPO stats and coverage.
