Liberty Defense Holdings Ltd. completed an initial public offering in the United States that produced roughly $20 million in gross proceeds before the deduction of fees and expenses, the company said in a statement. The offering included a mix of common shares and pre-funded warrants sold to investors.
Under the terms disclosed, Liberty Defense sold 3,673,638 common shares at a price of $4.50 per share. In addition, certain investors received pre-funded warrants exercisable into 770,807 common shares at a price of $4.4999 per warrant. The company also granted the underwriters a 30-day option to buy up to 666,666 additional shares to cover possible over-allotments.
The Benchmark Company, LLC acted as the sole bookrunning manager for the transaction. According to the filing, the Securities and Exchange Commission declared Liberty Defense's Form F-1 registration statement effective on March 31, 2026, and the offering was conducted pursuant to a prospectus. Copies of the prospectus are available through the SEC's EDGAR database.
Following the offering, Liberty Defense's shares commenced trading on the NASDAQ Capital Market under the ticker DETX on April 22, 2026. Prior to the NASDAQ listing, the shares had traded on the OTCQB Venture Market under the symbol LDDFF; trading there ceased when the NASDAQ listing began. The company's stock continues to be listed on the TSX Venture Exchange and trades under the symbol SCAN. The company noted that securities sold to Canadian purchasers are subject to a four-month hold period under Canadian securities laws.
Liberty Defense develops screening and detection systems designed to identify concealed weapons in high-traffic venues. The company's technology is intended for use in environments such as airports, stadiums and schools. Liberty Defense holds an exclusive license from the Massachusetts Institute of Technology for its HEXWAVE product and has licensed millimeter wave-based body scanner technologies.
Net proceeds from the offering will be reduced by customary fees and expenses associated with the transaction. The availability of the registration statement and the prospectus through the SEC's EDGAR system was noted in the company statement as part of the offering disclosures.
Deal details
- Gross proceeds: approximately $20 million before fees and expenses.
- Common shares sold: 3,673,638 at $4.50 per share.
- Pre-funded warrants issued: 770,807 exercisable at $4.4999 per warrant.
- Underwriters' over-allotment option: up to 666,666 additional shares, exercisable within 30 days.
Listing and regulatory notes
- NASDAQ listing: began trading under DETX on April 22, 2026.
- Previously traded on OTCQB as LDDFF; that trading ceased upon NASDAQ listing.
- Continues to trade on TSX Venture Exchange as SCAN; Canadian purchasers face a four-month hold period on securities sold.
- SEC declared the Form F-1 registration statement effective on March 31, 2026; the offering was made by prospectus available via EDGAR.
Business overview
Liberty Defense focuses on concealed-weapons detection solutions intended for deployment in locations with heavy pedestrian flows. Its HEXWAVE product is licensed exclusively from the Massachusetts Institute of Technology, and the company has licensed millimeter wave scanning technologies for body scanning applications.