Safe Pro Group (SPAI)priced its downsized small-cap IPO at $5.00 – the mid-point of its $4.75-to-$5.25 price range – and sold 1.0 million shares to raise $5.0 million on Tuesday night, Aug. 27, 2024. Safe Pro’s stock started trading at $4.00 – down $1.00 or off 20 percent from its $5.00 IPO price – at noon EDT today – Wednesday, Aug. 28, 2024 – on the NASDAQ on volume of 48,823 shares, according to NASDAQ. The stock traded as high as $4.89 and then retraced its steps to trade at $4.76 at about 12:25 p.m. EDT. Volume was over 236,000 shares at around 12:25 p.m. EDT. Safe Pro’s stock closed at $4.27 – down 73 cents or off 14.8 percent in its first day of NASDAQ trading.
Dawson James was the sole book-runner. Spartan Capital was the co-manager.
Safe Pro Group, based in Aventura, Florida, makes military-grade body armor (bullet-proof vests and aprons, for example). Safe Pro Group, through its subsidiaries, also provides drones and AI-powered object detection and analysis software. Its clientele primarily comes from three groups – (1) first responders, including police and firefighters; (2) state and local governments, and (3) enterprises, including critical infrastructure, insurance, public utilities and telecom network operators, according to the prospectus.
This company is not profitable, according to financial statements in the prospectus. For the 12 months that ended March 31, 2024, Safe Pro Group had a net loss of $6.96 million on revenue of $0.85 million ($850,000).
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