Energy and Water Development Corp. files IPO
Energy and Water Development Corp., a Florida-based engineering consulting group that builds water and energy systems, has filed to go public.
Why it matters: It takes a brave soul to go public in the current market, and Energy and Water's efforts could set a bar for other energy companies eyeing an exit.
Zoom out: The company's small float could offer a larger scope for other firms across sectors on just how perilous — or advantageous — the climate is for IPOs.
What's happening: The company is seeking to raise $12.1 million in its public offering, according to its S-1 filing out Wednesday.
- Energy and Water Development currently sells some equity on the OTCQB market, an over-the-counter equity market for earlier-stage companies operated by OTC Markets Group. It sells under the symbol “EAWD” and recently traded at $0.20.
- Tysadco Partners is the underwriter on the offering, and has the option to sell up to 25 million shares, per the filing.
The intrigue: Energy and Water Development Corp. listed a "going concern" warning in its list of risk factors in the filing, indicating it may not have enough cash on hand to continue operations without additional fundraising.
Energy and Water Development Corporation did not immediately return Axios' request for comment.