FlexEnergy Green Solutions, which makes turbine systems and heat exchangers, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Portsmouth, NH-based company now plans to raise $20 million by offering 2.2 million units at a price range of $8 to $10. Each unit consists of one share of common stock and one warrant, exercisable at 110% of the offer price ($9.90 at the midpoint). The company had previously filed to offer 3.9 million shares at the same range. At the revised deal size, FlexEnergy Green Solutions will raise -43% less in proceeds than previously anticipated. Because the company is now offering warrants, FlexEnergy Green Solutions is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
FlexEnergy Green Solutions was founded in 2000 and booked $22 million in sales for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol FLXE. Roth Capital is the sole bookrunner on the deal.
