Liberty Defense Raises $20M with $4.50-Priced IPO, Grants 30-Day Over-Allotment Option
Liberty Defense completed a U.S. IPO of 3,673,638 common shares at $4.50 plus 770,807 pre-funded warrants at $4.4999, generating approximately $20 million in gross proceeds. Underwriters hold a 30-day option on 666,666 additional shares, and the common shares began trading on the Nasdaq Capital Market under the symbol “DETX”.
1. Offer Structure and Proceeds
Liberty Defense issued 3,673,638 common shares at $4.50 each and 770,807 pre-funded warrants at $4.4999 per warrant, raising approximately $20 million before underwriting discounts, commissions, and expenses.
2. Underwriting and Over-Allotment
The Benchmark Company, LLC acted as sole bookrunning manager, and underwriters received a 30-day option to purchase up to 666,666 additional common shares to cover any over-allotments.
3. Listing and Trading Update
Common shares began trading on the Nasdaq Capital Market on April 22 under the symbol DETX, ceased trading on the OTCQB Venture Market, and will continue listing on the TSX Venture Exchange, with a four-month hold period for Canadian purchasers.