Hospitality robot maker Richtech Robotics (RR) priced its micro-cap IPO at $5.00, as expected, and slightly increased the deal’s size to 2.1 million shares – up from 2.0 million in the prospectus – to raise $10.5 million on Thursday night (Nov. 16, 2023). Richtech Robotics’ stock opened flat at $5.00 at 11:37 a.m. EST today – Friday, Nov. 17, 2023 – in its NASDAQ debut on volume of 256,801 shares. The stock rose to $5.37 at 2:22 p.m. EST today. Richtech Robotics advanced to $5.51 – up 51 cents or 10.2 percent – at 3:10 p.m. EST. Richtech Robotics’ stock closed at $5.25 – up 25 cents from its IPO price with a gain of 5 percent in its first day of NASDAQ trading..
R.F. Lafferty & Co. and Revere Securities were the joint book-runners.
Richtech Robotics, based in Las Vegas, develops advanced robotic technologies focused on transforming labor-intensive services in hospitality and other sectors experiencing unprecedented labor shortages, according to the prospectus.
“With a global R&D team based out of China and the United States, we design, manufacture and sell robots to restaurants, hotels, senior living centers, casinos, factories, movie theaters and other businesses,” the prospectus says. “Our robots perform a variety of services, including restaurant running and bussing, hotel room service delivery, floor scrubbing and vacuuming, and beverage and food preparation.”
Richtech Robotics Inc. reported a net loss of $3.85 million on revenue of $7.29 million for the 12 months that ended June 30, 2023.
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