IPO Outlook: GNLX, BFRG, ELGP, TXO

By Kirsteen Mackay

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The IPOs in focus for the week ahead include Genelux, Bullfrog AI, Elate Group, and TXO Energy Partners.

IPO Outlook: GNLX, BFRG, ELGP, TXO

Genelux (GNLX)

Genelux is joining the NASDAQ index under the ticker symbol GNLX with an offering of 2.5 million shares of common stock. The company estimates the price will be between $6 and $7 per share.

GNLX is scheduled to IPO on January 25, 2023, according to FactSet.

What Does Genelux Do?

Genelux Corp. manufactures and markets drugs and virus strain solutions. It provides drug research, development, and clinical trial services for the healthcare industry. The company was founded by Aladar Szalay in 2001 and is headquartered in Westlake Village, CA.

Who is Leading the GNLX IPO?

The Benchmark Company and Brookline Capital Markets are managing the GNLX IPO. 

GNLX IPO Use of Proceeds

  • Fund the clinical development of its lead product candidate, Olvi-Vec

  • Fund the payment of outstanding accounts payable and accrued liabilities

  • Working capital and general corporate purposes

Bullfrog AI (BFRG)

Bullfrog AI is scheduled to IPO on January 26, 2023.

A Bullfrog AI IPO has been in the works for months and the company first filed for IPO in late October. It has since made multiple amendments to its IPO plans and changed its intended ticker from BFAI to BFRG.

The company is listing 1,317,647 units, each consisting of one share of common stock and one tradeable warrant to purchase a share of common stock at $7.80 plus one non-tradable warrant to buy one share for $8.125 exercise price before the warrant expires five years from issuance.

The anticipated IPO price for each unit is $6.50, and the stock will be listed on the NASDAQ.

Bullfrog also plans to conduct a 1-for-7 reverse stock split ahead of the IPO. Furthermore, existing stockholders intend to offer 1.99 million shares at the IPO price.

What Does BullFrog AI Do?

BullFrog AI is a company that uses artificial intelligence and machine learning to advance the development of medicines for internal and external projects. The company's approach is driven by the high failure rate and costs associated with developing new therapeutics. As a result, BullFrog's mission is to increase the probability of success and decrease the time and cost involved in creating these treatments.

The company's platform technology, bfLEAP, is an AI and machine learning platform that addresses scalability and flexibility challenges in data analysis. This allows researchers and clinicians to gain a more precise, multi-dimensional understanding of their data.

BullFrog is using bfLEAP at various stages of development for its internal programs and through partnerships and collaborations to streamline data analysis in therapeutics development and reduce costs. The ultimate aim is to improve patients' lives who may not have access to the treatments they need.

Who is Leading the BFRG IPO?

Wallachbeth Capital and Kingswood Capital Markets are heading the company's IPO.

Use of BFRG IPO Proceeds

The net proceeds from this offering are expected to be around $7,534,000, or approximately $8,703,000, if the underwriters exercise their option to purchase additional shares in full. This assumes an IPO price of $6.50 per unit after deducting relevant costs.

BullFrog says it intends to use the net proceeds for investing in research and development (25%), the repayment of debt (10%) and the remainder for working capital and general corporate purposes.

Elate Group (ELGP)

Elate Group plans to join the NASDAQ index under the ticker symbol ELGP. Its IPO is scheduled to take place on January 27, offering 1.33 million units of common stock and warrants. The company estimates the price will be between $5.25 and $7.25 per common unit.

What Does Elate Group Do?

Elate Group, Inc. is a moving and storage company. It provides domestic concierge services and international relocation solutions for residential, commercial and government clients in the United States and Canada. The company was founded in 2013 and is headquartered in New York, NY.

Who is Leading the ELGP IPO?

Aegis Capital Corp is the sole book-running manager on the ELGP IPO.

ELGP IPO Use of Proceeds

  • General Corporate Purposes

  • Expansion of current service lines into additional states and enlarging cross-border services into Canada.

  • Entry into the development and enhancement of the storage facility segment, including potential acquisitions of existing facilities.

  • Repayment of non-related party indebtedness.

  • Increasing vehicle fleet and other tooling.

TXO Energy Partners (TXO)

TXO Energy Partners plans to join the NYSE index under the ticker symbol TXO, offering 5 million units of common stock and warrants. This will increase to 5.75 million common units if the underwriters exercise their option to purchase additional common units. The company estimates the price will be between $19 and $21 per common unit.

The TXO IPO is scheduled to take place on January 27.

What Does TXO Energy Partners Do?

Formerly MorningStar Partners, TXO Energy Partners is a growth-oriented independent oil and natural gas company. It focuses on acquiring, developing, and exploring oil, natural gas, and natural gas liquid reserves in North America. It was founded in 2012 and is headquartered in Fort Worth, Texas.

Who is Leading the TXO IPO?

Raymond James and Stifel are the principal underwriters on the TXO IPO.

TXO IPO Use of Proceeds

The company expects net proceeds of around $88m, which it will use to repay a portion of its revolving credit facility. 

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Enjoyed this IPO coverage? Check out our preview of this week's earnings updates!

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In this article:

Topics:
IPO
Industries:
Information Technology
Energy
Consumer Discretionary

Author: Kirsteen Mackay

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.

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

Kirsteen Mackay 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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