Papa Medical, which sells branded cannabis vape devices primarily in North American and Europe, refiled its S-1 prospectus on Wednesday for a Nasdaq IPO. In its latest filing, the company also disclosed financials for the nine months ended September 30, 2025, and replaced its bookrunner.
The company initially filed its S-1 in July 2024 and set preliminary terms in an amended prospectus in June 2025. Because that registration statement was already declared effective by the SEC, the issuer filed a new S-1 under Rule 429.
The City of Industry, CA-based company now plans to raise $6 million by offering 1.5 million shares at $4. The company had previously filed to offer 1.3 million shares at the same price. At the revised deal size, Papa Medical will raise 20% more in proceeds than previously anticipated and command a market cap of $86 million.
Papa Medical sells cannabis e-vapor products under the Cannapresso brand. As of September 30, 2025, the company has launched approximately 70 series of e-vapors. It sells its products in North America and Europe, as well as the UAE.
Papa Medical was founded in 2018 and booked $50 million in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol PAPA. Kingswood Capital Markets is the sole bookrunner on the deal.
