Psychedelic mushroom producer First Person sets terms for $6M US IPO

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Psychedelic mushroom producer First Person (FP) has set terms for a downsized $6M initial public offering.

First Person, which raises mushrooms for nutritional, nutraceutical and therapeutic purposes, said in a filing that it's planning to offer 1M shares priced between $5.50 and $6.50, which should raise around $6M if priced at the midpoint.

Underwriters would be granted a 45-day option to buy up to a 150K additional shares to cover over-allotments. EF Hutton is serving as sole bookrunner. The company hopes to list its shares on Nasdaq under the symbol FP.

Selling shareholders are planning to offer 2.5M additional shares. The company would not see any proceeds from that sale.

In October, First Person said that it was planning to offer 1.1M shares priced between $6.75 and $7.75, which would have raised around $8M if priced at the midpoint at $7.25 per share.

Based in Calgary, Canada, First Person produces mushrooms for nutritional and nutraceutical purposes. The company also raises and researches mushrooms containing the psychedelic compound psilocybin.

In November, Canadian psychedelic drug developer Clearmind (CMND) uplisted its shares to Nasdaq and raised $8M.