IPO Outlook: FRZA, ONFO, BIAF

By Duncan Ferris

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The week ahead's IPOs previewed here are Forza X1 (NASDAQ: FRZA), Onfolio Holdings (NASDAQ: ONFO) and bioAffinity Technologies (NASDAQ: BIAF).

This week’s expected IPOs take in everything from electric boat manufacturers to lung disease diagnosis specialists. 

Here is our preview of upcoming listings for the week ahead:

Forza X1 (NASDAQ: FRZA)

This company is offering 3,000,000 shares of its common stock as it joins the NASDAQ. Forza X1 says it anticipates that the initial public offering price of its shares will be $5.00 per share, with the underwriters having informed them that the gross proceeds of this offering will not be less than $15.0m.

What Does Forza X1 Do?

Forza X1 aims to be among the first to develop and manufacture fully electric, affordable boats with mass appeal. As a water-based electric vehicle specialist, the company’s mission is to inspire the adoption of sustainable recreational boating by mass producing stylish electric sport boats.

The business is currently focused on the creation and implementation of marine electric vehicle (“EV”) technology to control and power our electric boats utilizing our proprietary outboard electric motor. The company has designed a fully integrated electric boat including hull, outboard motor and control system for mass production.

The company anticipates that the boating industry will follow in the footsteps of the electrification of the automotive industry by creating electric boats that meet or exceed the traditional boating consumers expectations of price, value and run times.

Who is Leading the FRZA IPO?

Forza X1’s IPO is being managed by ThinkEquity.

Use of FRZA IPO Proceeds

The largest portion of the IPO proceeds will be used to fund the design, development, testing, production and marketing of Forza’s electric boats, outboard motors and integrated control systems.

Further proceeds will be put towards the acquisition of property and the development of a manufacturing plant for the build, design and manufacture Forza’s new line of electric boats.

The company is also seeking to construct a vertically integrated direct-to-consumer distribution platform, while any remaining funds will be used for general working capital purposes.

Onfolio Holdings (NASDAQ: ONFO)

This business’ initial public offering amounts to 1,605,000 units of securities of Onfolio Holdings, with each unit consisting of one share of common stock and two warrants, with each warrant exercisable to purchase one share of common stock at an exercise price equal to 100% of the public offering price.

The shares of common stock and the warrants are immediately separable and will be issued separately but will be purchased together in this offering. The company anticipate that the initial public offering price per unit will be $4.50 per unit. 

What Does Onfolio Do?

Onfolio acquires and manages a diversified portfolio of online businesses across a broad range of verticals, each with a niche content focus and brand identity.

The company says it aims to buy businesses that balance consistency, safety and opportunity for growth, allowing its team to fix what isn’t working and accelerate what is.

Onfolio claims that its diversified holdings and years of experience mean it is able to remove most of the risk normally associated with online business investing. It focuses on acquiring established and profitable businesses it can leverage with its sales and marketing expertise.

Who is Leading the ONFO IPO?

Onfolio’s IPO is being led by EF Hutton, which is acting as the sole book-running manager.

Use of ONFO IPO Proceeds

Onfolio says that it cannot specify with certainty all of the particular uses for the net proceeds. Management will have broad discretion in the application of the net proceeds.

The company estimates it will use approximately $5.4m for acquisitions of websites, technologies, or other assets and approximately $0.61m for marketing, working capital and general corporate purposes.

The business has presumed that it will receive aggregate gross proceeds of approximately $6.09m and deducted approximately $1.13m payable in offering costs, commissions and fees.

bioAffinity Technologies (NASDAQ: BIAF)

This business is listing 1,285,325 units for an expected initial public offering price of between $6.00 and $6.25.

Each unit consists of one share of common stock, one tradeable warrant to purchase common stock at an anticipated exercise price of $7.35 per share, and one non-tradeable warrant to purchase common stock at an anticipated exercise price of $7.656 per share.

What Does bioAffinity Do?

Founded in 2014, bioAffinity Technologies is a Delaware-incorporated company that seeks to address the need for non-invasive diagnosis of early-stage cancer and diseases of the lung and targeted cancer treatment. 

The business develops proprietary non-invasive diagnostic tests and cancer therapeutics. Identifying cancer at early stages can drastically improve survivability. According to bioAffinity, detecting cancer at stage 1 and then proceeding with treatment produces a ten-year survival rate of 92%, compared with a five-year survival rate of just 21% for stage 2 to stage 4 detection.

As well as its development of diagnostic testing kits, bioAffinity has a wholly-owned subsidiary, OncoSelect Therapeutics. This business is focused on expanding its broad platform technologies to create targeted therapeutics to fight cancer, which the company says have wide appeal. 

Who is Leading the BIAF IPO?

The IPOs underwriters are WallachBeth Capital, Craft Capital Management and WestPark Capital.

Use of BIAF IPO Proceeds

The company says it intends to use the net proceeds for working capital and for general corporate purposes, which may include product and test development, general or administrative matters and capital expenditures.

Additionally, the business may also use a portion of the net proceeds for the acquisition of, or investment in, technologies, solutions or businesses that complement its business.

BIAF expects the proceeds together with anticipated sales of its diagnostic LDT test should be sufficient for the company to complete the de novo pivotal clinical trial and, if results are positive, to submit and obtain FDA marketing authorization of CyPath Lung for sale and enter the EU market for sale of CyPath Lung as a CE-marked IVD test.

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In this article:

Topics:
IPO
Electric Vehicles
Industries:
Healthcare

Author: Duncan Ferris

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Duncan Ferris does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Duncan Ferris has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of ValueTheMarkets.com, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of ValueTheMarkets.com, has not been paid for the production of this piece by the company or companies mentioned above.

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