Rytech (RYET.US) files to go public again, raising $17M, down 39%

China-based AI learning software provider RYET Inc. (RYET.US) reduced the proposed size of its IPO last Friday. The company, headquartered in Nanchang, China, now plans to issue 3.8 million shares at $4 to $5 each, raising $17 million. The company had previously applied to issue 5 million shares at $5 to $6 each. At the midpoint of the revised price range, the company's fundraising would be 39% lower than previously expected, valuing it at $15.2 million.

The company also disclosed its latest financial status and canceled the underwriting of Univest Securities in the latest filed documents. The company had not updated its prospectus since April 2023, so the U.S. Securities and Exchange Commission canceled the IPO in February 2024.

Softcloud Technology focuses on K12 education in China and creates an AI platform aimed at improving the learning and testing environment. The company's products also include autonomous learning solutions and smart devices such as smart printers and smart headphones for daily learning and exam preparation.

The information shows that Softcloud Technology was founded in 2012 and had sales of $9 million in the 12 months ended March 31, 2024. The company plans to list on the Nasdaq under the symbol "RYET". AC Sunshine Securities is the sole bookrunner for the transaction.