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Sustainable product maker Med-X removes warrants, revises terms ahead of $7 million IPO

September 19, 2022

Med-X, which manufactures natural pesticides and insect repellents under various brands, revised the terms for its upcoming IPO in an amendment filed with the SEC on Monday. The company originally filed earlier this month but had planned to offer units with warrants attached, so it was not eligible for tracking by Renaissance Capital.

The Canoga Park, CA-based company now plans to raise $7 million by offering 1.7 million shares at a price range of $4 to $4.30. The company had previously filed to offer 1.6 million units at a price of $4.15, with each unit containing one share of common stock and one warrant, exercisable at the IPO price. At the midpoint of the revised range, Med-X will raise 8% more in proceeds than previously anticipated and command a market value of $82 million. 

Med-X is primarily engaged in the business of supplying environmentally friendly health and wellness products to various industries. The company's Nature-Cide products are all-natural essential oil blends for indoor and outdoor pesticide, insecticide, and/or repellent developed for professional commercial and residential pest control, turf care, janitorial, hospitality, transportation, vector control, as well as school districts and agriculture, including the cannabis and hemp industries. The company also produces heating and cooling packs (Thermal-Aid brand) as well as essential oil pain management cream (Malibu brand).

Med-X was founded in 2014 and booked $1 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol MXRX. EF Hutton is the sole bookrunner on the deal.