Skincare products developer CoLabs (CLLB) has filed to raise $6M through an initial public offering.
CoLabs is considering offering 1.3M shares priced at $4 to $5 per share, which would raised roughly $6M if priced at the midpoint. Underwriters would receive a 45-day option to buy up to 195K additional shares to cover over-allotments.
The company hopes to list its shares on Nasdaq under the symbol CLLB. Craft Capital Management and RF Lafferty & Co. are serving as joint bookrunners.
Based in Huntington Beach, Calif., CoLabs has developed encapsulation technology to help control the absorption of certain chemicals by the skin. The company has developed several products using the technology, including sunscreens, insect repellents and hand sanitizers.
CoLabs has been operating in the red. For 2022, the company reported a net loss of $6.6M on revenue of $157K, according to its filing.
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