Adamas One upsizes IPO to $34M attributable to enhance in shares by promoting stockholders

Lab-grown diamond producer Adamas One (JEWL) has upsized a proposed preliminary public providing to $34M from $26M by rising the variety of shares to be provided by sure stockholders.

Adamas One stated in a submitting that shareholders are actually planning to supply 4M shares priced between $4.50 and $5, which might elevate $19M if priced on the midpoint. The corporate wouldn’t obtain any proceeds from the sale. Adamas One nonetheless intends to supply 3.2M shares on the identical value, which might elevate $15M for the corporate if priced at $4.75 per share.

Underwriters would obtain a 45-day choice to purchase as much as 473K extra shares to cowl any over-allotments. Alexander Capital is serving as lead bookrunner. Adamas One hopes to record its shares on Nasdaq underneath the image JEWL.

In a submitting made earlier this month, Adamas One stated that promoting shareholders deliberate to supply 2.2M shares priced $4.50 to $5, which might have raised round $11M on the midpoint. Adamas One was planning to supply 3.2M shares on the identical value.

Primarily based in Arizona, Adamas One produces lab-grown, ethically sourced diamonds for jewellery and industrial functions.

For extra on Adamas One, try SA contributor Donovan Jones’s “Adamas One Finalizes Mini-IPO Plans”.