Nano-X Announces IPO at USD 18 per Share

Nano-X Announces IPO at USD 18 per Share

The shares began trading on the Nasdaq Global Market under the ticker symbol “NNOX” on August 21 and are expected to close on August 25, subject to customary closing conditions. Cantor Fitzgerald & Co., Oppenheimer & Co., Berenberg and CIBC Capital Markets are acting as joint book-runners

FREMONT, CA: Israel-based innovative medical imaging technology company, Nano-X Imaging Ltd, announced the pricing of its initial public offering of 9,178,744 ordinary shares at a price to the public of USD 18 per share. Before deducting underwriting discounts and commissions and other offering expenses payable by Nano-X, the gross proceeds of the offering are expected to be USD 165.2 million. The company has also granted underwriters a 30-day option to purchase up to an additional 1,376,812 ordinary shares at the initial public offering price, less underwriting discounts, and commissions. All of the shares are being offered directly by Nano-X.

“We intend to use the net proceeds from this offering together with cash on hand, cash equivalents and short-term investments, for the manufacturing of the initial wave of Nanox.ARC unit planned for global deployment and investment in manufacturing capacities, shipping, installation and deployment costs of the Nanox System, continued research and development of the Nanox.ARC, the development of the Nanox.Cloud and regulatory clearance in various regions and sales and marketing expenses, general administrative expenses and other general corporate purposes,” stated its press release.

The shares began trading on the Nasdaq Global Market under the ticker symbol “NNOX” on August 21 and are expected to close on August 25, subject to customary closing conditions. Cantor Fitzgerald & Co., Oppenheimer & Co. Inc., Berenberg and CIBC Capital Markets are acting as joint book-runners. National Securities Corporation is acting as co-manager for the offering. The company announced an equity funding round worth USD 110 million, earlier this year in July.

“It is easy to say that we are aiming to change the world,” Nanox founder and CEO Ran Poliakine said in late July. “We have a bold vision of helping to eradicate cancer and other diseases by means of early detection. We are actively working for the deployment of a global medical imaging service infrastructure that may turn this dream into reality.”