chunumunu
Skin care product developer CoLabs (CLLB) has applied to raise $6 million through an initial public offering.
CoLabs is considering offering 1.3 million shares at a price of $4 to $5 per share, which would raise approximately $6 million if listed at the midpoint. Subscribers would receive a period of 45 days Option to purchase up to 195K additional shares to cover overallotments.
The company expects to list its shares on Nasdaq under the symbol CLLB. Craft Capital Management and RF Lafferty & Co. are acting as joint placement agents.
Huntington Beach, California-based CoLabs has developed an encapsulation technology to help control the absorption of certain chemicals into the skin. The company has developed several products using the technology, including sunscreens, insect repellents, and hand sanitizers.
CoLabs has been operating in the red. For 2022, the company reported a net loss of $6.6M on revenue of $157K, according to your presentation.
For more IPO news, see SA’s IPO news page.
