05:17 PM EST, 11/11/2024 (MT Newswires) -- Invizyne Technologies (IZTC) priced its initial public offering of 1.875 million shares at $8 apiece for $15 million of gross proceeds.

The underwriter, MDB Capital, has a 45-day option to buy up to 281,250 more shares, or 15% of the securities sold in the offering, to cover overallotments, Invizyne Technologies said Monday in a statement.

"In a concurrent private placement of common warrants, the company will issue up to 184,375 warrants to a couple of accredited investors" to purchase up to the same number of shares, according to the statement.

The shares are set to start trading on Nasdaq on Tuesday under the ticker IZTC with the offering expected to close on Wednesday.

Net proceeds will be "for expanding production capabilities, expanding business development, sales and marketing, repayment of a related party loan, working capital and other general corporate purposes," the company said.