ROC stock launches on Nasdaq with $24M target

Members of the public looking for an American facial recognition and forensic biometrics developer to invest in have a new option, with ROC stock launching on Nasdaq on Friday.

ROC has set a price tag of $6 per share for the stock in its initial public offering, as the company attempts to raise $24 million.

Four million shares of ROC’s common stock will be offered on the Nasdaq during the IPO, which is expected to close Monday, February 23.

ROC plans to use the funds to add to its team in pursuit of growth and increased market share, to update and expand its neural-processing infrastructure for faster computer vision algorithm training and deployment, and for general working purposes.

The Benchmark Company is sole book running manager for the IPO, and as underwriter has a 30-day option to purchase up to 600,000 additional shares to cover any over-allotments.

ROC has taken a somewhat winding path to arrive at the offering volume and $6 stock price for its IPO. The company announced its intention to go public to the SEC in December, targeting $23 million. By mid-January, ROC was contemplating making 3 million shares available at a range of $5 to $6, which would have raised somewhere between $14.8 million and $17.1 million.

In the meantime, ROC has announced the integration of its facial recognition with a U.S. retail loss prevention platform, success in a NIST evaluation of its latent fingerprint matching technology and shown a significant improvement in the accuracy of its biometric facial age estimation in the latest NIST evaluation.

Article Topics

biometrics  |  facial recognition  |  IPO  |  ROC  |  stocks