MultiSensor AI Holdings, Inc., previously known as Infrared Cameras Holdings, Inc., has announced an ongoing public offering of common stock and a concurrent private placement transaction set for June 2024. The company, based in Beaumont, Texas, is offering 5,050,505 shares of common stock on the Nasdaq Capital Market under the ticker symbol MSAI, with an additional 757,576 shares for over-allotment. The assumed offering price is $1.98 per share, based on the closing price as of June 25, 2024. Underwriters are operating on a firm commitment basis and have been granted an option for over-allotment. Alongside the public offering, MultiSensor AI Holdings has executed a securities purchase agreement with a private investor for a $15.0 million investment, contingent upon the success of the public offering. The...Show More

MultiSensor AI Holdings, Inc., previously known as Infrared Cameras Holdings, Inc., has announced an ongoing public offering of common stock and a concurrent private placement transaction set for June 2024. The company, based in Beaumont, Texas, is offering 5,050,505 shares of common stock on the Nasdaq Capital Market under the ticker symbol MSAI, with an additional 757,576 shares for over-allotment. The assumed offering price is $1.98 per share, based on the closing price as of June 25, 2024. Underwriters are operating on a firm commitment basis and have been granted an option for over-allotment. Alongside the public offering, MultiSensor AI Holdings has executed a securities purchase agreement with a private investor for a $15.0 million investment, contingent upon the success of the public offering. The proceeds from these transactions are intended for general corporate purposes, including the expansion of production capacity and sales and marketing functions. Despite the company's history of losses and negative cash flows, raising substantial doubt about its ability to continue as a going concern, MultiSensor AI Holdings is pursuing a growth strategy that includes expanding sales and marketing, investing in SaaS solutions, executing product roadmaps, growing enterprise customer wallet share, expanding its distribution network, and pursuing strategic acquisitions. The company's manufacturing strategy involves a mix of contract manufacturing for high-volume products and in-house production for specialized items, in a competitive market with established large-scale and emerging low-cost manufacturers.