Bruush Oral Care Inc. has filed a preliminary prospectus (Form F-1) with US Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of units with each unit consisting of one common share and one common share warrant.
The offering has yet to be priced.
On April 1, 2022, Bruush Oral Care field confidentially with SEC for IPO with SEC.
Bruush Oral Care has applied to list shares of its shares and warrants on The Nasdaq Capital Market (NASDAQ) under the symbols “BRSH” and “BRSH.W.”
Lucosky Brookman LLP and Kaufman & Canoles, P.C. are acting as legal counsels in connection with the offering.
Founded in 2018 by CEO & Chairman Aneil Manhas, Bruush Oral Care is an oral care company that is disrupting the space by reducing the barriers between consumers and access to premium oral care products.
Through its website, Bruush Oral Care sells a product portfolio that consists of a sonic-powered electric toothbrush kit and brush head refills. It also sells the brush heads separately which come in a three-pack and can be purchased on a subscription basis, where the customer will automatically receive a Brüush Refill every six months. Later this calendar year, Bruush Oral Care plans to expand its portfolio with the launch of several new subscription-based consumable oral care products, including toothpaste, mouthwash, dental floss, a whitening pen, as well as an electric toothbrush designed for kids.
Bruush Oral Care has previously raised CDN $7.25 million through the issuance of Class A voting and Class B non-voting shares, including a most recent CDN $5.3 million brokered private placement of Class B units priced at CDN $1.80 (US $1.34) per unit in August and September 2020.
Bruush Oral Care has also raised US $4.65 million in two bridge financings closed in December 2021 and April 2022.
Portion of the proceeds of the offering will be used to repay the bridge financing principal and accrued interest.
As of and for the nine-month period ended October 31, 2021, Bruush Oral Care had recurring losses, a working capital deficit of US $3.96 million, an accumulated deficit totaling $17.62 million, and negative cash flows used in operating activities of US $0.67 million.
As of July 1, 2022, Bruush Oral Care had 8,350,072.50 Class B shares and 6,824,126 Class A shares issued and outstanding. Prior to the offering, all outstanding shares of Class A shares and Class B shares were converted into shares of Common Stock at a conversion ratio of 1:1.
Prior to the closing the offering, Bruush Oral Care 5%+ shareholders include Manhas (17.7%), Yaletown Bros Ventures Ltd. (a company jointly owned by Matthew Friesen and Bradley Friesen) (10.9%), and DrewGreen.CA Inc. (Charles Andrew Green) (10%), on as-converted basis. Prodigy Capital Corp., a company owned Kia Besharat, currently controls 7.8% of Class B shares, will own 4.3% of pre-IPO shares on as-converted basis.
photo credit: Bruush Oral Care