Mphase Technologies (OTCPK:XDSL) has filed to uplist its shares from the over-the-counter market and raise additional cash through an initial public offering on Nasdaq.
The tech company said in a filing that it plans to offer units that consist of one share plus one warrant to buy one share. The number and price of the units has yet to be determined. HC Wainwright is serving as lead bookrunner on the deal.
Shares of the company are currently traded over-the-counter under the symbol XDSL. The company has a market capitalization of around $14M, with shares closing at $0.19 on Monday.
The company also said it is considering a reverse stock split. It hopes to list its shares on Nasdaq under the symbol XDSL.
Mphase is a provider 5G and wireless services, customer engagement software, and the installation of public EV charging stations, according to its website.
For the six months ended Dec. 31, 2021, mPhase reported net income of $194K on revenue of $16.6M.
Source : https://seekingalpha.com/news/3807850-mphase-technologies-uplist-shares-conduct-offering-nasdaq