First Person, which is developing functional mushroom-based cognitive supplements, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Calgary, Canada-based company now plans to raise $6 million by offering 1 million shares at a price range of $5.50 to $6.50. The company had previously filed to offer 1.1 million shares at a range of $6.75 to $7.75. At the midpoint of the revised range, First Person will raise 25% less in proceeds than previously anticipated.
Concurrently, selling shareholders have registered 2.5 million shares, which may be offered and sold from time to time after the company's shares have begun trading on the Nasdaq.
If the company has a market cap below $50 million at pricing, First Person will be excluded from Renaissance Capital's 2023 IPO stats.
First Person is developing nutraceutical and other products using functional mushrooms, and conducts its operations through wholly-owned subsidiaries First Person Inc. and TruMed. The company intends to compete in the functional mushrooms market, the nutraceutical products market, and the psychedelic mushrooms market (currently Jamaica only), and launched a DTC line of cognitive supplements in March 2022. First Person does not intend to market any of its products for medical use.
First Person was founded in 2021 and booked $2 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol FP. EF Hutton is the sole bookrunner on the deal.
