Beamr Imaging (NASDAQ:BMR), an Israeli provider of video technology, saw its shares slide 11% midday following an $8M US initial public offering.
Shares of Beamr opened at $3.94 after being priced at $4, quickly reaching a high of $3.96 before dipping to a low of $3.40 in late morning. The stock recently changed hands at $3.56, down around 11%, at approximately 11:50 a.m. ET.
The company offered 2M ordinary shares, raising $8M. Underwriters were granted a 30-day option to buy up to 292K additional shares that the IPO price. Think Equity is acting as sole bookrunner.
Earlier this month, Beamr said that it was planning to raise around $7M by offering 1.4M shares at $5 per share. The company also said that certain shareholders were considering offering up to 1.8M additional shares.
Based in Israel, Beamr is a provider of technology solutions for video encoding, transcoding and optimization. Its clients include video streaming platforms and Hollywood studios.
Beamr is the latest Israeli company to hold a US IPO. Earlier this month, cleantech Enlight Renewable Energy (ENLT) raised $252M through a downsized IPO.