Advanced Human Imaging (ASX:AHI) share price sinks on US listing update

Shares in the human scanning technology provider are on the nose for investors today.

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The Advanced Human Imaging Ltd (ASX: AHI) share price is in negative territory during early afternoon trade. This comes after the company announced it has released a corporate presentation to raise money for its proposed listing on the tech-focused United States Nasdaq exchange.

At the time of writing, the human scanning technology provider’s shares are down 10.71% trading at $1.00.

ASX company eyes US entry

In today’s statement, Advanced Human Imaging advised it was gathering support for its US-based initial public offering (IPO).

The company received conditional approval from the Nasdaq to list its American depositary shares (ADS). However, it is not known yet how many shares in total will represent the number of ordinary shares already listed.

Based on a price range of US$7.00 to US$9.00, the company is looking to offer 1 ADS for every 9 ordinary Advanced Human Imaging shares. This is subject to market conditions and may change, including the size of the offer. The company is hoping to raise US$15 million from investors.

Maxim Group LLC has been appointed as the sole book-running manager, and will oversee the listing.

Advanced Human Imaging submitted an updated public filing the F-1 form to the Securities and Exchange Commission (SEC). The F-1 form is the registration required for foreign companies wanting to be listed on a United States stock exchange.

About the Advanced Human Imaging share price

The Advanced Human Imaging share price has fallen almost 20% in 2021 so far. When zooming out to the past 12 months, its shares have flatlined, down 2% for the period.

It’s a stark contrast to when the company’s shares were trading above the $2 mark during early March 2021.

Advanced Human Imaging has a market capitalisation of roughly $136.92 million, with approximately 136.92 million shares on issue.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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