Wytec International Inc (WYTC) plans to raise $16 million in an initial public offering on Wednesday, May 11th, IPO Scoop reports. The company will issue 3,750,000 shares at a price of $4.25 per share.
In the last twelve months, Wytec International Inc generated $390,000 in revenue and had a net loss of $3.7 million.
Wytec International provided the following description of their company for its IPO: “(Note: This is an IPO – unit offering. IPOScoop has NO CALL on unit IPOs unless the deal is a SPAC, aka a blank check. Each unit consists of one share of common stock (proposed symbol “WYTC” on NASDAQ) and one warrant (proposed symbol “WYTCW” on NASDAQ) to buy one share of common stock.) We are a designer and developer of small cell technology and wide area networks to support 5G cell phone network coverage across the U.S. Founded in 2011, Wytec offers in-building and citywide 5G solutions using multiple 5G equipment vendors in combination with its patented LPN-16 small cell technology to complete its network designs. The company has a contract with the Laredo Independent School District in Laredo, Texas, to enhance cellular solutions at 42 buildings in the school district. Note: For the 12 months ended Dec. 31, 2021, Wytec had revenue of $394,148 – or $0.39 million, as shown in the chart below, and a net loss of $3.71 million. **Note: As of Dec. 31, 2021, Wytec had an accumulated deficit of $25.72 million. (Note: Wytec International updated its IPO prospectus in an S-1/A filing dated April 21, 2022, with updated financials for the year ended Dec. 31, 2021. On Jan. 28, 2022, Wytec International cut the size of its unit IPO to 2.91 million units, down from 3.88 million units initially, and kept the price range at $4.15 to $6.15 to raise $14.99 million, according to an S-1/A filing.) “.
Wytec International was founded in 2011 and has 8 employees. The company is located at 19206 Huebner Road, Suite 202 San Antonio, Texas 78258 and can be reached via phone at 210-233-8980.
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