Boulder-based AeroGrow International will make its public trading debut Monday after a reverse merger in 2006.
The company, which sells self-contained kitchen gardens used to grow everything from cherry tomatoes to basil to flowers, will trade on the Over-the-Counter Bulletin Board. Its ticker will be AGWI.
“Receiving our ticker symbol and beginning the public trading of our stock is a major milestone,” Michael Bissonnette, founder and chief executive, said in a statement.
Founded in 2002, AeroGrow is seeking 14 patents relating to its products. Its flagship offering, the AeroGarden, was introduced last year. It retails for $149.95. During the six months ending Sept. 30, the company had revenue of $1.9 million. It posted a net loss of $5.5 million, or 60 cents per share, during that time, according to the company’s most recent filing with the U.S. Securities and Exchange Commission.
AeroGrow in February completed a reverse merger with Wentworth I Inc. A reverse merger allows a private company to purchase a public one. The deal gets around the complicated process of going public.
At the time of the merger, AeroGrow completed a private placement, receiving about $10.7 million from institutional investors and high net-worth individuals, according to regulatory filings.
The company counts about 9.3 million shares outstanding, of which 6.7 million will be actively traded.
Staff writer Will Shanley can be reached at 303-954-1260 or wshanley@denverpost.com.
