Nebraska-based cleaning products manufacturer, CleanCore Solutions, has begun the process of an initial public offering (IPO) with the Securities and Exchange Commission (SEC), as reported on Wednesday. The company intends to offer 1.5 million Class B shares at a price range of $4-$6 per share. The estimated price of $5 per share is being used to project a potential raise of approximately $6.1 million.
The funds raised from the IPO are planned to be allocated towards debt reduction, research and development (R&D), and various corporate purposes. CleanCore's decision to go public comes as part of its strategic plan to strengthen its financial position and invest in future growth opportunities.
The company's product portfolio includes an enhanced aqueous ozone-cleaning solution, which is expected to benefit from increased R&D funding following the IPO. The company plans to list on the NYSE American, marking its first entry into the public market.
Control of all Class A common stock remains with CEO Matthew Atkinson, who holds ten votes per share. Notable Class B shareholders include Lisa Roskens from Burlington (NYSE:BURL) Capital and co-founder Clayton Adams.
CleanCore's financials for the fiscal year ending June 30 reveal revenue of $2.65 million and a net loss of $541,611.
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