Motus GI downsizes IPO to $18m

Motus GI today priced its upcoming initial public offering, dropping the range from a midpoint of $26 million to a total of $18 million.
In the offering, the Fort Lauderdale, Fla.-based company said it will offer 3.5 million shares of common stock at $5 per share, with its shares slated to begin trading on Nasdaq today under the ticker symbol “MOTS”.
Motus GI originally hoped to raise $28.8 million in the IPO when it announced it in early January. When the company set its terms for the offering, it had a midpoint of nearly $26 million.
The company developed and produces the Pure-Vu cleaning system which is designed to be used with a standard colonoscope to perform intra-procedural cleaning of poorly prepared colons.
Piper Jaffray & Co. is acting as sole book-running manager with Oppenheimer & Co. acting as lead manager for the offering, the company said in a press release.
The post Motus GI downsizes IPO to $18m appeared first on MassDevice.

Source: Mass Device - February 14, 2018 Category: Medical Devices Authors: Fink Densford Tags: Business/Financial News Initial Public Offering (IPO) MOTUS GI Source Type: news