Netcapital, an online platform for private companies to raise capital from retail investors, raised $5 million by offering 1.2 million units at $4.15, below the last close of its shares on the OTC ($8.25). The company offered 0.4 million more units than anticipated. Each unit consists of one share of common stock and one warrant, exercisable at $5.19.
Because the company offered warrants and its market cap at IPO is less than $50 million, Netcapital will be excluded from Renaissance Capital's 2022 IPO stats.
Netcapital plans to list on the Nasdaq under the symbol NCPL. ThinkEquity acted as sole bookrunner on the deal.
