IPO - Fanbase Social Media, Inc.

Form Type: 253G2

Filing Date: 2025-03-04

Corporate Action: Ipo

Type: New

Accession Number: 000110465925020186

Filing Summary: On March 4, 2025, Fanbase Social Media, Inc. filed an offering circular as part of its initial public offering (IPO) process, under Rule 253(g)(2). The company is offering up to 2,556,391 shares of Class B Non-Voting Common Stock, with an additional potential issuance of up to 639,097 bonus shares based on investment levels. The minimum investment requirement is $399 for 60 shares, with the total maximum offering amount set at $17,000,000. As of February 3, 2025, the company had sold 905,819 shares, generating approximately $6 million in gross proceeds. Key details of the offering include a public share price of $6.65 per share and associated underwriting fees and commissions. The proceeds are expected to fund research, development, marketing, and general administrative purposes. The company noted a 'going concern' opinion from its auditors, indicating potential viability issues without securing additional financing. Moreover, it highlighted the inherent risks associated with early-stage investments and the technology sector.

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