Energy and Water Development Company, a Florida-based engineering consulting group that builds water and power systems, just filed for an IPO.
Why is it important: It takes a brave soul to go public in today’s market, and Energy and Water’s efforts could set the bar high for other energy companies considering an exit.
What is happening: Energy and Water Development Company is seeking to raise $12.1 million in its public offering, according to its S-1 filing out on Wednesday.
- It plans to sell up to 55 million common shares under the offering.
- It plans to list on NASDAQ under the symbol “EAWD”.
- Energy and Water Development currently sells shares on the OTCQB market, an over-the-counter stock market for early-stage companies operated by OTC Markets Group. It sells under the symbol “EAWD” and recently traded at $0.20.
- Tysadco Partners is the underwriter for the offering and has the option to sell up to 25 million shares, according to the filing.
The plot: Energy and Water Development Company has placed a “going concern” warning in its list of risk factors in the filing, indicating that it may not have enough cash to continue operations without additional fundraising.
Energy and Water Development Corporation did not immediately return Axios’ request for comment.