By Ben Glickman
Innovation Beverage Group now plans to sell 1.2 million units in its initial public offering, compared with prior plans of 1.5 million units.
The alcoholic and non-alcoholic beverage company said in a regulatory filing Wednesday that it would still price units at $4.125, with expected gross proceeds of $4.95 million.
The company previously expected gross proceeds of $6.19 million. It plans to use proceeds from the offering for working capital and general corporate purposes.
Innovation Beverage has applied to list its shares on the Nasdaq Capital Market under the symbol IBG.
In the six months ended June 30, the company reported revenue of $1.61 million and a loss of $688,135
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