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Non-lethal weapons developer Kwesst updates terms for proposed $11 million IPO (OTCMKTS: KWEMF)


Financial term abbreviated IPO stands for Initial Public Offering on the blue block corner

DariaRen

Canadian nonlethal weapons developer Kwesst Micro Technologies (KWE) has updated the terms of its proposed Nasdaq registration and $11 million public offering.

Kwest said in a profile it is currently planning to supply 2.3 million units, which each include of one share plus a warrant to buy one share at 125% of the IPO unit price. Units will likely cost $4.13 to $6.30, which would rise to around $11.4 million if priced at the midpoint of $4.95 per unit.

The company also plans to offer buyers whose purchase would make them profitable by owning more than 4.99% of the company’s common stock an opportunity to purchase pre-funded units. Each unit will consist of a pre-funded warrant to purchase a share and a warrant to purchase a share.

Underwriters will receive a 45-day call option to purchase up to 349 thousand additional shares, warrants and/or pre-funded warrants to cover excess allocations. Think Equity is acting as a leader.

In company Submit the first application in August, they said they plan to offer 1.7 million units at an assumed price of $6.77 per unit, which would increase the price by approximately $11.5 million. The company also plans to offer 1.7 million pre-funded units.

Kwesst shares are currently traded OTC under the symbol KWEMF and are also listed on the Frankfurt and Toronto stock exchanges. The company hopes to list its US shares on Nasdaq under the symbol KWE. Concurrent with the Nasdaq IPO, Kwesst also plans to offer US$3 million for units on the Canadian market.

Based in Ottawa, Kwestt is a developer and marketer of non-lethal gun alternatives for personal safety, law enforcement, and military purposes.

Wall Street analysts currently rate Kwesst as a strong buy on average. Quantitative assessment of the company, however, was a strong sale.

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