Canadian mortgage company Pineapple Financial (PAPL) has downsized its proposed initial public offering to $7M from $18M.
Pineapple said in a recent filing that it is now looking to offer 1.3M shares priced between $4 and $6, which would raise around $7M if priced at the midpoint. Underwriters would be granted an option to buy up to 188K additional shares to cover over-allotments.
The company hopes to list its shares on Nasdaq under the symbol PAPL. EF Hutton is serving as sole bookrunner.
Pineapple also intends to conduct a 1-for-3.9 reverse stock split ahead of the IPO, according to the filing.
In December, Pineapple said in a filing that it would be seeking $18M.