Israeli driver safety tech developer SaverOne (TASE: SAVR) has filed a prospectus with the US Security and Exchange Commission (SEC) for a Nasdaq IPO. The company, managed by CEO Ori Gilboa, develops and markets technology to prevent distractions from cellular telephones while driving.
SaverOne held an IPO on the Tel Aviv Stock Exchange (TASE) in mid-2020, raising NIS 26 million at a company valuation of NIS 87 million, before money. The company currently has a market cap of NIS 69 million. SaverOne did not disclose details about its valuation for its planned Wall Street IPO but it can be assumed that it is looking for a higher valuation than its current one on the TASE, thus brining value for its investors by completing the process.
After SaverOne's Wall Street IPO, it will trade on the Nasdaq Capital Market (secondary listing) through American Depository Shares (ADS), which track its shares on the TASE.
In its SEC filing, SaverOne said that it is competing in a market in which car accidents in the US cost $850 billion annually with an estimated 660,000 US drivers at any one time trying to use their mobile phones when driving.
SaverOne is still in its infancy in terms of commercial activities and revenue, after recently completing pilot projects. In 2021, the company reported revenue of NIS 450,000, up from NIS 316,000 in 2020. In 2021 SaverOne reported a net loss of NIS 26.5 million, widening from a net loss of NIS 13.6 million in 2020.
SaverOne's most significant shareholders are Ronen Weisberg, Ituran Location and Control, Universal Motors (UMI), Yaakov Tenenbaum, and More Investment House.
Published by Globes, Israel business news - en.globes.co.il - on March 8, 2022.
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