Gravitics Holdings, which develops space structures and orbital systems, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Miami, FL-based company now plans to raise $50 million by offering 3.2 million shares at a price range of $14 to $17. The company had previously filed to offer 8.1 million shares at the same range. At the midpoint, Gravitics Holdings will raise 60% less in proceeds than previously anticipated and command a fully diluted market value of $621 million.
In connection with its Nasdaq IPO, Gravitics Holdings will merge with OTC-listed shell company Non-Invasive Monitoring Systems (NIMU; $11mm mkt cap), which discontinued its operations in 2019. Ahead of the listing, the combined company will be renamed “Gravitics Holdings.”
Formed in 2021, Gravitics is engaged in the design, development and commercialization of large space structures, including orbital carriers, cargo logistics spacecraft, space station modules, and related engineering and technical services. Gravitics’ primary customer base consists of government entities and the commercial space industry. The company highlights its $125 million fixed-price contract with Axiom Space, a related party, for the development and delivery of a cargo vehicle compatible with berthing to Axiom’s commercial space station.
Gravitics Holdings was founded in 2021 and plans to list on the Nasdaq under the symbol GVTX. Lucid Capital Markets is the sole bookrunner on the deal.
