SaverOne 2014 Ltd. (SVRE) to Raise $13 Million in IPO

SaverOne 2014 Ltd. (SVRE) is planning to raise $13 million in an IPO on Wednesday, June 1st, IPO Scoop reports. The company will be issuing 2,200,000 shares at $5.80 per share.

In the last year, SaverOne 2014 Ltd. generated $150,000 in revenue and had a net loss of $8.5 million. The company has a market-cap of $65 million.

ThinkEquity acted as the underwriter for the IPO.

SaverOne 2014 Ltd. provided the following description of their company for its IPO: “(Note: This is NOT an IPO. This is a NASDAQ uplisting from the Tel Aviv Stock Exchange. IPOScoop has NO CALL on uplistings. This public offering/uplisting is a unit offering with proposed symbol “SVRE” for the stock and proposed symbol “SVREW” for the warrant. Each unit consists of one American Depositary Share (ADS) and one warrant to buy one ADS. Each ADS represents five ordinary shares.) We are a technology company engaged in the design, development and commercialization of an advanced safety solution that can save lives by blocking cellphone (mobile phone) use while driving. (Incorporated in Israel) Our SaverOne system provides an advanced driver safety solution that can identify and monitor mobile phones located in the driver’s vicinity and selectively block use of life-threatening applications. We have three generations of systems – the first two target the automobile aftermarket and the third is intended to target vehicle manufacturers. We have completed development of our Generation 1.0 system and are in the pre-commercialization/early use phase while the development of our Generation 2.0 system, which will replace Generation 1.0, is nearing completion, and the Generation 3.0 system is in the early stages of development. Our business activity so far has been conducted only in Israel. Our SaverOne system can be used in vehicles owned or leased by companies that are provided to employees, or private vehicles, commercial trucks, buses and other forms of transportation. Our technology is based on our proprietary hardware, software and algorithms. Our technology also meets the National Highway Traffic Safety Administration (NHTSA) guidelines for a complete solution for distracted driving, and it offers certain advantages that our competitors do not; for these reasons, we believe we have significant advantages over our competitors. The National Safety Council (NSC) reports that mobile phone use during driving causes approximately 1.6 million traffic accidents annually in the United States alone, leading to the death of approximately 4,600 people and injuring an additional 391,000 people. Moreover, the Federal Motor Carrier Safety Administration (FMCSA) reported that 71% of commercially driven large-truck crashes occurred because of driver distraction. The number of accidents caused by distracted driving increased each year from 2015 – 2019, according to the NHTSA. Distracted driving due to mobile phone usage is not just a problem in the United States. A number of surveys conducted across Europe and Oceania have revealed troubling statistics about its prevalence across nations. In the Czech Republic, 36% of drivers admitted to using their phone almost every time they get behind the wheel. In both Spain and Ireland, 25% of drivers admitted to using their phone while driving. In Germany, at any given moment, an average of 7% of all drivers are distracted while driving. This problem of distracted driving extends to Australia as well, where one-quarter of drivers admitted to using their phone while driving.   **Note: Revenue and net loss figures are in U.S. dollars for the year ended Dec. 31, 2021, according to the prospectus. (Note: The terms of SaverOne 2014 Ltd.’s NASDAQ uplisting were revised again in an F-1/A filing dated May 12, 2022: The number of units was trimmed to 2.24 million units (2,241,379 units), down from 2.52 million units previously, and the assumed public offering price per unit was increased to $5.80, the closing price on May 12, 2022, of SaverOne’s ordinary shares on the Tel Aviv Stock Exchange (TASE). Under the new terms, this public offering (NASDAQ uplisting) would raise about $12.99 million. **Previous history of the deal’s terms: SaverOne 2014 Ltd. revised its NASDAQ uplisting to a unit offering in an F-1/A filing dated May 2, 2022: The deal was upsized from its previous terms as a stock-only offering. Under the new terms, warrants were added, and the assumed price was cut – 2.52 million units (2,519,380 units), up from 1.39 million (1,385,042 ADS). Each ADS equals three ordinary shares. Each unit consists of one ADS and one warrant to buy one ADS. The “assumed IPO price” is US$5.16 per ADS, down from US$7.22 per ADS previously. The public offering’s estimated proceeds were raised to $13.0 million, up from $10 million previously. The new U.S. dollar price is based on the ordinary share’s closing price on the TASE on April 27, 2022, vs. the ordinary share’s TASE closing price on March 28, 2022.)      “.

SaverOne 2014 Ltd. was founded in 2014 and has 41 employees. The company is located at Em Hamoshavot Rd. 94 Petah Tikvah, Israel and can be reached via phone at +972-39094177.

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