GenFlat Holdings, which develops collapsible marine shipping containers, raised $7 million by offering 2.3 million shares at $3, within the range of $2.50 to $3.50. At pricing, the company commands a market cap of $39 million.
GenFlat is an early-stage developer of collapsible marine containers, offering 20-foot standard, 40-foot standard, and 40-foot high-cube products that deliver 96% capacity and payload relative to traditional containers. These containers collapse in approximately 80 seconds, using GenFlat’s patented GenFlat Actuator or patent-pending GenFlat Genny. The company operates as a container sales and leasing business with one rental and two equipment lease agreements serving three customers, and it exclusively manufactures its containers through a teaming agreement with a manufacturer in Dalian, China while holding five US patents and two patents in China. It has earned minimal revenue to date.
GenFlat Holdings plans to list on the Nasdaq under the symbol GFLT. Craig-Hallum Capital Group acted as sole bookrunner on the deal.
