Beamr Imaging, an Israeli provider of video encoding and image optimization software, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Herzeliya, Israel-based company now plans to raise $7 million by offering 1.4 million shares at $5. The company had most recently filed to offer 3 million shares at the same price. At the revised terms, Beamr Imaging will raise 53% less in proceeds than previously anticipated.
Concurrently, selling shareholders have registered 1.8 million shares, which may be offered and sold from time to time pursuant to a separate resale prospectus.
Beamr states that it provides video encoding, transcoding, and optimization solutions that enable high quality, performance, and unmatched bitrate efficiency for video and images. The company currently licenses three core video and image compression products: a suite of video compression software encoder solutions; Beamr JPEGmini photo optimization software solutions; and hardware solution Beamr Silicon IP block. Beamr's customers include tier one over-the-top, content distributors, video streaming platforms, and Hollywood studios, with enterprise customers including Netflix, ViacomCBS, Microsoft, and Walmart.
Beamr Imaging was founded in 2009 and booked $3 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol BMR. ThinkEquity is the sole bookrunner on the deal.
