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Australian medtech CardieX discloses terms for $10M US IPO

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Australian medtech CardieX (OTC:CDEX) has disclosed terms for a $10M US initial public offering.

CardieX said in a filing that it is looking to offer 1.33M American Depositary Shares, or ADSs, priced between $7.50 and $8, which would raise a little over $10M if priced at the midpoint.

Underwriters would be granted a 30-day option to buy up to 200K additional ADSs to cover over-allotments. Roth Capital Partners is serving as lead bookrunner.

CardieX hopes to list its shares on Nasdaq under the symbol CDEX. Shares are currently traded on the Australian Securities Exchange.

Based in Sydney, CardieX is a developer of devices to monitor cardiovascular health. The company’s lead product, SphygmoCor XCEL, is used to monitor arterial pressure.

The company has been operating in the red. For the fiscal year ended June 30, 2022, CardieX reported a loss attributable to owners of $8.7M on revenue of $3M.

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