Veri Medtech Holdings, parent company of cannabis telehealth platform Veriheal, has set terms for a $15 million initial public offering (IPO on NASDAQ), as rescheduling boosts appetite for investment in US medical cannabis stocks.
The McLean, Virginia-based company plans to offer 3,750,000 shares of common stock at $4.00 per share and intends to uplist from the over-the-counter market to NASDAQ under its existing ticker, “VRHI.”
According to the amended prospectus filed with the US Securities and Exchange Commission on 7 May, the offering would generate approximately $13.35 million in net proceeds after an 8% underwriting discount and a 2% corporate finance fee, with an additional 562,500 shares available under a 45-day overallotment option.
Veri Medtech’s common stock last traded on the OTCID Market at $1.00 on 7 May, meaning the proposed IPO price is set at four times the company’s most recent quoted level. The company would have approximately 23.75 million shares outstanding immediately after the offering, with executives retaining more than 50% of the total voting power.
The company operates through three wholly owned subsidiaries, Veriheal Inc., DosePop Inc. and Alternative Medical Clinic LLC, and provides medical marijuana patients with a digital concierge platform that connects them to physicians, schedules consultations and handles state-by-state recommendation paperwork.
The Veriheal business was founded in 2017 by Joshua Green and Samuel Adetunji and now operates in states including Alaska, Arizona, Massachusetts and Michigan, according to the filing.
The IPO arrives at a moment when cannabis-adjacent technology companies are testing public-market appetite, and the recent rescheduling push from Todd Blanche helps clear the path for US operators to list on major US markets, having formally been confined to the Canadian Securities Exchange and OTC venues.
Also in M&A this week:
Read the latest cannabis M&A news on Business of Cannabis.
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The McLean, Virginia-based company plans to offer 3,750,000 shares of common stock at $4.00 per share and intends to uplist from the over-the-counter market to NASDAQ under its existing ticker, “VRHI.”
According to the amended prospectus filed with the US Securities and Exchange Commission on 7 May, the offering would generate approximately $13.35 million in net proceeds after an 8% underwriting discount and a 2% corporate finance fee, with an additional 562,500 shares available under a 45-day overallotment option.
Veri Medtech’s common stock last traded on the OTCID Market at $1.00 on 7 May, meaning the proposed IPO price is set at four times the company’s most recent quoted level. The company would have approximately 23.75 million shares outstanding immediately after the offering, with executives retaining more than 50% of the total voting power.
The company operates through three wholly owned subsidiaries, Veriheal Inc., DosePop Inc. and Alternative Medical Clinic LLC, and provides medical marijuana patients with a digital concierge platform that connects them to physicians, schedules consultations and handles state-by-state recommendation paperwork.
The Veriheal business was founded in 2017 by Joshua Green and Samuel Adetunji and now operates in states including Alaska, Arizona, Massachusetts and Michigan, according to the filing.
The IPO arrives at a moment when cannabis-adjacent technology companies are testing public-market appetite, and the recent rescheduling push from Todd Blanche helps clear the path for US operators to list on major US markets, having formally been confined to the Canadian Securities Exchange and OTC venues.
Also in M&A this week:
- US accounting firm Aprio confirmed its expansion into the cannabis sector through the acquisition of Phoenix-based Price Kong, adding cannabis advisory expertise and an Arizona footprint to its national practice.
Read the latest cannabis M&A news on Business of Cannabis.
The post Cannabis Telehealth Platform Veri Medtech Sets Terms for $15m Nasdaq IPO appeared first on Business of Cannabis.
Continue reading...
