Adesto Technologies has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) to update the terms for its initial public offering (IPO). The company plans to offer 4.1 million shares in an expected price range of $10 to $12, with an overallotment option for an additional 615,000 shares. At the maximum price, the entire offering is valued up to $56.58 million. The company intends to file on the Nasdaq Global Market under the symbol IOTS.

The underwriters in the offering are Needham, Oppenheimer and Roth Capital Partners.

This is a leading provider of application-specific, feature-rich, ultra-low power non-volatile memory products. The company optimizes its non-volatile memory products for Internet of Things (IoT) applications, including current and next-generation Internet-connected devices in the consumer, industrial, medical and wearables markets.

The company combines its non-volatile memory design capabilities with proprietary intellectual property and differentiated technology platforms to deliver high-performance products that dramatically reduce the overall energy consumption of its customers’ systems and extend battery life. The products feature embedded intelligence in a small form factor and high reliability. Adesto believes that its ultra-low power and feature-rich non-volatile memory products will become a key hardware building block for billions of IoT edge devices operating on and connected to networks worldwide.

Through the end of December 2014, the company has shipped over 200 million units to more than 500 end customers, 59 of which are large multinational companies.

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In the filing Adesto described its finances as follows:

As of June 30, 2015, we had 84 employees, approximately 60% of whom are engaged in research and development. Our headquarters are located in Sunnyvale, California, with additional sales operations in the Americas, Europe, the Middle East and Africa, and Asia-Pacific regions. For the years ended December 31, 2013 and 2014, we recorded revenue of $49.7 million and $41.5 million, and a net loss of $8.2 million and $8.9 million, respectively. Our revenue decreased from $21.1 million during the six months ended June 30, 2014 to $20.3 million during the six months ended June 30, 2015 and our net loss decreased from $5.2 million to $4.0 million over that same period.

The company intends to use the net proceeds from this offering for working capital and other general corporate purposes, including research and development activities, sales and marketing activities and capital expenditures, to enhance existing and develop new products and product families, expand manufacturing capabilities or fund growth.

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