ROKIT Healthcare said on the 11th that it submitted an amended Form S-1 (Form S-1/A) to the U.S. Securities and Exchange Commission (SEC) for the Nasdaq listing of its wholly owned U.S. subsidiary, ROKIT America.
According to ROKIT Healthcare's filing, ROKIT America plans to offer 2,631,579 shares of common stock through a new share issuance. The total number of shares outstanding after the offering will be 27,631,679. The expected price range is $8.50 to $10.50 per share, and at the midpoint of $9.50, the implied market capitalization is about $262.5 million (about 386.8 billion won).
The company said it is undergoing Nasdaq review after submitting the filing to the SEC. ROKIT America is pursuing a listing on the Nasdaq Global Market, rather than the Nasdaq Capital Market where Korea's bio corporations mainly list.
ROKIT America is pursuing collaboration with Northwell Health, a medical group on the U.S. East Coast, on an artificial intelligence (AI)-based organ regeneration platform. The company said, "We are carrying out an AI-based chronic kidney disease (CKD) prediction royalty business, joint research on cartilage and kidney regeneration with a medical institution under Harvard Medical School, and skin and cartilage regeneration businesses in South America."
ROKIT Healthcare currently holds 100% equity in ROKIT America and plans to maintain about a 90% stake after the offering is completed.
A company representative said, "We plan to expand our AI organ regeneration platform, Digital Healthcare services, and NMN-based anti-aging solution businesses in the North and South American markets." However, the person added that the listing schedule and final offering terms may change depending on the SEC filing's effectiveness, Nasdaq approval, and market conditions.