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Hong Kong-based Zhong Yuan Bio-Technology (OTCQB:ZHYBF), which is seeking to uplist its shares to Nasdaq, has downsized a proposed public offering to $6M from $7.5M.

Zhong Yuan said in a filing that it is now looking to offer 1M shares priced between $5 and $7 per share, which would raise $6M if priced at the midpoint. Underwriters would receive a 45-day option to buy up to 150K additional shares to cover any over-allotments.

The company, which is developing nervonic acid-based products for cognitive health, hopes to uplist its shares to Nasdaq under the symbol ZYB. Revere Securities is serving as bookrunner.

In April, Zhong Yuan said it was seeking to offer 1.5M shares priced between $4 and $6, which would have raised around $7.5M if priced at the midpoint. A selling shareholder intended to offer 500K additional shares. The company would not have received any proceeds from the shareholder stock sale.

Zhang Yuan is incorporated in the Cayman Islands and operates through subsidiaries in China and Hong Kong.