Ultimax Digital, which operates a video game development and publishing studio and an NFT marketplace, lowered the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $8 million by offering 1.9 million shares at a price range of $4 to $5. The company had previously filed to offer 2.5 million shares at the same range. At the midpoint, Ultimax Digital will raise 25% less in proceeds than previously anticipated.
Concurrently, selling shareholders have registered 1.9 million shares, which may be offered and sold from time to time after the company's shares have begun trading on the Nasdaq.
Ultimax Digital was founded in 2018 to help game developers offer in-game purchases in video games, before shifting to developing and publishing games of their own. In 2021, the company expanded its business into operating an NFT marketplace, and providing infrastructure for video game developers to incorporate NFTs into video games. The company had no revenue in 2021 or the 9mo22.
Ultimax Digital was founded in 2018 and plans to list on the Nasdaq under the symbol NFTU. WestPark Capital is the sole bookrunner on the deal.
