WhiteHawk, which launched just last year, operates an online cyber security marketplace where purchasers can seek out advice on their cyber security needs and be matched to vendor products based on their identified needs.
The IPO will close on 5 December, with WhiteHawk expecting to raise $4 million based on a price of $0.20 per share for 20,000,000 shares with one free attaching option for every four shares subscribed, exercisable at $0.25.
A prospectus outlines the company’s development of a machine learning algorithm and artificial intelligence platform under provisional patent application known as the “CyberPath Solution Engine” for the WhiteHawk Exchange, which it says enables buyers to understand which of the “myriad vendor products suit their business, sector, budget and security/insurance requirements”.
The company has said the funding raised through the IPO will be used for engineering and development of the WhiteHawk Exchange, research and development, sales and marketing and for working capital requirements.
“Since WhiteHawk launched in 2016, we have worked hard to develop an easy-to-use platform that will enable small to midsize companies to better understand their vulnerabilities and protect themselves against the ever-increasing cyber threat,” says chief executive and proposed executive chair, Terry Roberts.
“We believe that our technology has an incredible amount of potential given the vast number of businesses across the globe who are simply unaware or ill-equipped to deal with online crime and fraud. Our Initial Public Offering is a significant step forward for WhiteHawk as well as for the cyber security industry. I am very excited to be bringing this opportunity before investors and am committed to delivering growth for WhiteHawk’s shareholders.”
WhiteHawk currently earns revenue from lead generation agreements with cyber security vendors in the US market and says it has won advisory service contracts with a “small and growing number of Government agencies” including the US Department of Energy and Department of Homeland Security (as a subcontractor of companies that are contractors of government agencies).