Eargo Inc, a California hearing aid manufacturer raised $141 million by offering 7.9 million ADSs at $18, above the proposed range of $14 to $16.
The company claims that its Eargo hearing aids are the first and only virtually invisible, rechargeable, completely-in-canal, FDA regulated, exempt Class I device for the treatment of hearing loss.
The San Jose, California-based company was founded in 2010 and booked $47 million in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq Global Market under the symbol “EAR.” Eargo filed confidentially on November 8, 2019. J.P. Morgan, BofA Securities, Wells Fargo Securities and William Blair are underwriters of the IPO.
The company engages Latham & Watkins LLP as US Securities Counsel, and Deloitte & Touche LLP as Independent Auditor.
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