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NEW YORK - Fermi Inc has priced its initial public offering at $21.00 per share, raising $682.5 million, according to a press release statement issued Wednesday.
The company is offering 32.5 million shares of common stock with a par value of $0.001 per share. Trading is expected to begin today on both the Nasdaq Global Select Market and London Stock Exchange under the ticker symbol "FRMI."
UBS Securities LLC will serve as the stabilization coordinator for the offering, with the stabilization period scheduled to run from October 1 through October 31, 2025.
As part of the IPO arrangement, Fermi has granted the stabilization manager an over-allotment option to acquire additional shares at the offer price. This option allows for the purchase of up to 4.875 million additional shares, which may be exercised in full or in part at any time during the stabilization period.
The stabilization manager may over-allot securities or conduct transactions to support the market price of the securities during the stabilization period, though such actions are not guaranteed to occur.
The IPO represents one of the larger public offerings in the current market environment. Shares will trade simultaneously on both U.S. and UK exchanges, potentially providing the company with access to a broader investor base.
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