Mota Group, which sells drones, electronics, mobile accessories and toys, announced terms for its IPO on Tuesday.
The San Jose, CA-based company plans to raise $6.5 million by offering 0.65 million units at a price of $9.99. At that price, Mota Group would command a fully diluted market value of $22 million. Because its post-IPO market cap falls below our $50 million cutoff, Mota Group is excluded from our IPO stats.
Mota Group was founded in 2003 and booked $5 million in sales for the 12 months ended December 31, 2016. It plans to list on the Nasdaq under the symbol MOTA. Joseph Gunnar & Co. and Axiom Capital Management are the joint bookrunners on the deal.. It is expected to price in May 2017.
