Med-X, which manufactures natural pesticides and other green products under various brands, filed on Friday with the SEC to register its shares and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; Med-X will not raise new capital in its listing.
The registered stockholders may sell up to 13.1 million shares of common stock, which is all of the company's shares outstanding.
Med-X previously filed for an IPO in September 2022. The company changed the terms of its proposed offering several times before withdrawing its forms in April 2024, most recently at a $26 million market cap.
Med-X develops and markets natural "green" products under its Nature-Cide, Thermal-Aid and Malibu Brands divisions. Nature-Cide makes minimum risk botanical pesticides and repellents for professional pest control, hospitality, agriculture and other uses, while Thermal-Aid makes natural heating and cooling pain relief products. Both are sold through national distributors and ecommerce platforms. In the six months ended June 2025, Nature-Cide accounted for about 54% of revenue and Thermal-Aid 44%.
The Canoga Park, CA-based company was founded in 2014 and booked $2 million in revenue for the 12 months ended June 30, 2026. It plans to list on the Nasdaq under the symbol MXRX. Med-X filed confidentially on January 28, 2026. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Maxim Group will serve as financial advisor.
