G Medical Innovations Holdings, which provides app-connected medical devices for monitoring vital signs, withdrew its plans for an initial public offering on Tuesday. It had filed to raise $30 million by offering 5 million shares at a price range of $5 to $7. This was the company's second attempt to go public in the US, previously filing in May 2019 and withdrawing the following August. The company was also previously listed on the ASX (GMV) but recently delisted its shares.
The Rehovot, Israel-based company was founded in 2014 and booked $5 million in revenue for the 12 months ended June 30, 2020. It had planned to list on the Nasdaq under the symbol GMVD. Boustead Securities and Fosun Hani Securities were set to be the joint bookrunners on the deal.
