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Liberty Defense Holdings, Ltd. is an emerging leader in AI-based contactless security technology for detecting concealed metallic and non-metallic weapons and threats, offering HEXWAVE™ walkthrough portals and HD-AIT Upgrade Kits for urban security and aviation screening markets. HEXWAVE™ generated US$0.91 million revenue for the nine months ended September 30, 2025 (US$1.01 million for year ended December 31, 2024), with early deployments in stadiums, transportation, and government facilities, while HD-AIT remains in TSA certification phase with first commercial sales anticipated in 2026. The company reported net losses of US$10.5 million for nine months ended September 30, 2025 (US$8.8 million for 2024), cash of US$0.64 million, and working capital deficiency of US$4.5 million as of September 30, 2025, raising substantial going concern doubt. Liberty is pursuing an IPO of 3,333,333 common shares at an assumed US$4.50 midpoint (up to US$15 million gross), with net proceeds of US$12.4 million for working capital, HD-AIT commercialization, HEXWAVE sales development, and engineering improvements. Shares will list on Nasdaq under 'DETX' post-share consolidation to meet minimum bid price. As a foreign private issuer and emerging growth company, Liberty benefits from reduced reporting requirements. The investment thesis centers on capturing growth in the US$11 billion security screening market (projected US$22.4 billion by 2036 at 7.5% CAGR), leveraging AI-driven detection advantages over legacy metal detectors amid rising mass shooting threats, though execution risks include limited revenue history, negative cash flows, supply chain dependencies, and TSA certification uncertainties.
Offering Amount
$19.2M
Shares Offered
5,817,635
Issuer Type
Shares Offered
3,333,333
Offering Amount
US$15 million (assumed)
Price Range
US$4.50 (midpoint)
Share Type
Common Shares
Exchange
Nasdaq
Ticker
DETX
Use of Proceeds: Working capital and general corporate purposes, including HD-AIT commercialization, HEXWAVE sales development, and next-gen engineering/cost reductions.
Emerging leader in AI-based contactless security technology for detecting concealed metallic and non-metallic weapons and threats, offering HEXWAVE™ system and HD-AIT Upgrade Kit.