Advanced Human Imaging Announces Pricing of US$10.5 Million U.S. Initial Public Offering
Advanced Human Imaging Limited (ASX:AHI) (NASDAQ:AHI) announced the pricing of its U.S. initial public offering, offering 1,000,000 units at US$10.50 each. Each unit includes two American Depositary Shares (ADSs) and a warrant for one ADS, with gross proceeds expected to reach US$10.5 million. The ADSs will begin trading on Nasdaq under the symbol "AHI" from November 19, 2021. Proceeds will fund research, product development, and general corporate purposes. The company has also granted underwriters a 45-day option for an additional 300,000 ADSs.
- Gross proceeds from the IPO expected to be US$10.5 million.
- Funds to be used for research, product development, and marketing, potentially enhancing growth.
- Dilution risk due to the issuance of new ADS units.
- Potential negative market reaction to the IPO.
PERTH, Australia, Nov. 18, 2021 /PRNewswire/ -- Advanced Human Imaging Limited (ASX:AHI) (NASDAQ:AHI) ("AHI" or the "Company") is pleased to announce the pricing of its U.S. initial public offering of 1,000,000 units at a price to the public of US
In addition, AHI has granted the underwriters a 45-day option to purchase up to an additional 300,000 ADSs and/or up to an additional 150,000 warrants to purchase up to 150,000 ADSs at the public offering price, less underwriting discounts, and commissions.
The ADSs are expected to begin trading on the Nasdaq Capital Market on November 19, 2021, under the symbol "AHI". The offering is expected to close on November 23, 2021, subject to satisfaction of customary closing conditions.
We plan to use the net proceeds we receive from this offering primarily for research and product development of our current products and business development and marketing, with the remainder of the proceeds to be used for general corporate purposes, including, without limitation, investing in or acquiring companies that are synergistic with or complimentary to our technologies and working capital.
Maxim Group LLC is acting as sole book-running manager for the Offering.
The offering is being conducted pursuant to the Company's registration statement on Form F-1 (File No. 333-259090), as amended, previously filed with, and subsequently declared effective by, the Securities and Exchange Commission ("SEC") on November 18, 2021. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Advanced Human Imaging:
AHI has developed and patented a proprietary dimensioning technology that enables its users to check, track, and assess their dimensions in conjunction with known health risk indicators using only a smartphone both privately and accurately.
Our goal is to assist our partners by empowering their consumers with this capability. This in return gives our partners the ability to assess, assist, and communicate outcomes with their consumers when navigating day to day life. Whether this is a personal journey to better health, understanding the risk associated with their physical condition, tracking the changes they are experiencing through training, dieting, or under medical regimes, or simply wanting to be correctly sized for a garment when shopping online. The AHI technology delivers this seamlessly, privately, and cost-effectively in under one minute.
AHI has developed this capability by leveraging the power of Computer Vision, Machine Learning, and patented algorithms, to process the images and assessments on secure, enterprise-level infrastructure, delivering an end–to–end experience that is unrivalled in the industry. AHI simplifies the collection of measurements and removes the human error present in traditional methods.
Forward Looking Statements
This press release contains certain forward-looking statements, including those relating to the regarding the use of proceeds, the anticipated timing of completion of the offering and other statements that are predictive in nature. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, 'expect,' 'anticipate,' 'intend,' 'plan,' 'believe,' 'estimate,' 'potential,' 'predict,' 'project,' 'should,' 'would' and similar expressions and the negatives of those terms. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including its registration statement on Form F-1, as amended from time to time, under the caption 'Risk Factors.'
Company Contacts:
For more information please visit: www.advancedhumanimaging.com/
For more information contact:
Vlado Bosanac, Chief Executive Officer Advanced Human Imaging Limited | For media inquiries: Nic Johnson Russo Partners E: nic.johnson@russopartnersllc.com +1 (212) 845-4242 |
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SOURCE Advanced Human Imaging
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