Flewber Global, a technology-focused private air transportation company, has made strategic adjustments to its initial public offering (IPO) ahead of its planned debut on the Nasdaq Capital Market. The company, which is set to trade under the ticker symbol FLAI, has reduced the number of shares offered in its IPO from 3.75 million to 3.33 million and set a price range of $4 to $5 per share.
This revision in the company's IPO strategy aims to secure $15 million in proceeds, aligning with its previous financial targets despite the reduction in share volume. The move comes as Flewber Global continues to innovate in the aviation space following its post-2018 merger with Ponderosa Air. The merger has enabled Flewber to enhance its flight booking system and gear up for the launch of air-taxi services.
Flewber's business model is bolstered by steady revenue projections stemming from partnerships with third-party aircraft carriers. These alliances have been crucial as the company prepares for its market entry.
Joseph Stone Capital is managing the IPO as the sole bookrunner, guiding Flewber through this pivotal transition to becoming a publicly-traded entity.
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