ParaZero Technologies, which is developing autonomous parachute safety systems for commercial drones, revised the terms for its upcoming IPO on Thursday.
The Kiryat Ono, Israel-based company now plans to raise $29 million by offering 5.8 million shares (70% secondary) at a price range of $4 to $6. All pre-IPO shareholders are selling all of their shares on the offering. The company had previously filed to offer 3 million units at $5.20 to $7.20, with each unit consisting of one share of common stock and two warrants. At the midpoint of the revised range, ParaZero Technologies will raise 53% more in proceeds than previously anticipated and command a fully diluted market value of $29 million.
Because the company will have a post-IPO market cap of less than $50 million, ParaZero Technologies will be excluded from Renaissance Capital's 2022 IPO stats.
ParaZero is an aerospace company focused on drone safety systems and engaged in designing, developing, and providing autonomous parachute safety systems for commercial drones. Its patented technology, the SafeAir system, is designed to protect hardware, people, and payload in the event of an in-flight failure.
ParaZero Technologies was founded in 2013 and plans to list on the Nasdaq under the symbol PRZO. Aegis Capital Corp. is the sole bookrunner on the deal.
