Opti-Harvest, a leading agriculture technology company based in Beverly Hills, California, is anticipating strong sales in its upcoming initial public offering (IPO). The company now expects to sell 2.651 million units, up from the previous estimate of 1.93 million units.
The units being offered consist of one common share and one warrant to purchase a common share. The price per share is expected to be $4.15, which is the midpoint of the estimated range.
With this revised projection, Opti-Harvest anticipates net proceeds of $9.51 million from the IPO. The company plans to allocate these funds towards inventory purchases, note repayments, sales and marketing investments, and general corporate purposes.
Opti-Harvest specializes in the development of innovative agriculture technology that maximizes plant growth by optimizing sunlight utilization.
Once the IPO is completed, Opti-Harvest aims to list its shares on the Nasdaq Capital Market with the ticker symbol OPHV.
It’s worth noting that Opti-Harvest has a separate class of Series A preferred stock held in a voting trust. This trust ensures voting rights equal to 110% of the outstanding shares of common stock. Jonathan Destler, the company’s founder and former head of corporate development, is the current owner of the preferred stock. However, as a result of an indictment in a securities fraud case, he has resigned from his executive positions and granted voting control to the board of directors.
Destler, along with co-founder Donald Danks, who was also indicted, deny the allegations brought against them.
Westpark Capital is acting as the underwriter for Opti-Harvest’s IPO.