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Lancaster startup takes steps to go public
Paula Wolf//June 6, 2023
Lancaster-based EVERMIND Inc., which describes itself as a “pioneering consumer products platform dedicated to cognitive health,” announced Monday that it is evaluating a potential public offering of its common stock as it prepares to go nationwide.
The business “aims to revolutionize the industry by developing, marketing and distributing science-supported functional food and beverage products under the EVERMIND brand name,” a release said. “By leveraging scientific research and innovation, EVERMIND expects to establish the standards of ‘daily ritual’ cognitive wellness, offering consumers an unparalleled range of products that enhance mental health and empower individuals to unlock their full potential.”
EVERMIND offers a product line of plant-based, ready-to-drink doctor-formulated “cognitive elixirs.”
The company has completed a $1.3 million equity raise at a $4 million pre-money valuation and is in discussions with potential bankers. EVERMIND expects to utilize a convertible debt offering in anticipation of a listing of its common stock. That initial funding includes $250,000 from White Rose Ventures, a York-based venture fund.
“While we are an early-stage development company by all measures, we believe that the growth potential may make an early public offering the best approach to meet the capital needs of our growth plans,” said Dr. Jordan P. Balencic, founder and CEO of EVERMIND. “We have had initial conversations with investment bankers and investor relations professionals, all of who have been supportive of this approach. While there is certainly a cost associated with a well-executed public company, the decision may enable us to maintain control over our destiny as we work to strengthen our position as a leader in the field of cognitive wellness.”
Paula Wolf is a freelance writer
