Gelteq Ltd. (GELS) priced its tiny IPO of 1.3 million shares at $4.00 – the terms in the prospectus – to raise $5.2 million on Monday night, Oct. 28, 2024. Gelteq’s stock started trading Tuesday, Oct. 29, 2024 – opening flat at $4.00 at 10:49 a.m. EDT on the NASDAQ on volume of 278,543 shares. (Editor’s Note: This column, initially published Monday night, Oct. 28, 2024, was updated on Tuesday, Oct. 29, 2024, with news on the NASDAQ debut of Gelteq’s stock.)
The Benchmark Company was the sole book-runner.
Gelteq’s stock closed at $2.94, sliding $1.06 or 26.5 percent in its first day of NASDAQ trading (on Tuesday, Oct. 29, 2024) on volume of 501,213 shares.
Gelteq, based in Melbourne, Australia, is developing and commercializing “white label” gel-based delivery solutions for prescription drugs, pet care, nutriceuticals, sports and other products. (Gelteq said in the prospectus that a “white label gel-based delivery solution is where we produce a product that other companies rebrand as their own product.”)
The company, founded in 2018, said its principal products are “edible gels” and “their application in gel-based dosage forms,” according to the prospectus.
Gelteq is not profitable, according to the prospectus.
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