Synergy CHC Corp., a company specializing in consumer healthcare, beauty, and lifestyle products, has announced the pricing of its initial public offering (IPO). The company will issue 1.15 million shares of its common stock at a price of $9.00 per share.
The shares are slated to commence trading on the Nasdaq Global Market under the ticker symbol "SNYR" on October 23, 2024. Furthermore, Synergy has provided the underwriters with a 30-day option to acquire up to an additional 172,500 shares at the IPO price, minus underwriting discounts and commissions.
The IPO is anticipated to officially close on October 24, 2024, pending standard closing conditions.
Through this offering, Synergy expects to net approximately $8.4 million, a figure that could rise to $9.9 million if the underwriters fully exercise their option to purchase additional shares.
The funds raised from the IPO will be allocated towards reducing a portion of the outstanding balances on specific related party promissory notes, as well as for general corporate purposes, which include supplementing working capital.
Roth Capital Partners is serving as the sole manager for this proposed IPO.
