Truett-Hurst, the Healdsburg wine company that's attempting to raise money from the public, has lowered the target price for shares in its initial public offering.

The price range for shares in the company is now $8.50 to $10.50, down from the earlier target range of $11 to $15, the company announced in a news release.

Truett-Hurst is raising money through the OpenIPO process, where potential shareholders bid for shares in an auction. The auction will close once the company has received enough bids from potential investors.

The date that the auction will close, once set for April 15, has been pushed back to April 24. Trading on the Nasdaq exchange will begin after the auction closes and prices have been set.