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Hearing Aid Manufacturer EARGO Set Terms for $100 Million US IPO

Esther Thin

Eargo Inc, a California hearing aid manufacturer, has filed Form S-1 Registration Statement on October 9, 2020 with the U.S. Securities and Exchange Commission to announce terms for its IPO.

The company plans to raise $100 million by offering 6.7 million shares at the price range of $14 to $16. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $616 million.

The company claims that its Eargo hearing aids are the first and only virtually invisible, rechargeable, completely-in-canal, FDA regulated, exempt Class I device for the treatment of hearing loss.

The San Jose, California-based company was founded in 2010 and booked $47 million in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq Global Market under the symbol “EAR.” Eargo filed confidentially on November 8, 2019. J.P. Morgan, BofA Securities, Wells Fargo Securities and William Blair are underwriters of the IPO.

The company engages Latham & Watkins LLP as US Securities Counsel, and Deloitte & Touche LLP as Independent Auditor.

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