CANBERA (dpa-AFX) - Planet Image International Limited, an export-oriented manufacturer and seller of compatible toner cartridges based in China, the U.S. and Europe, said that it has priced its initial public offering of 1.25 million Class A ordinary shares at a public offering price of US$4.00 per share for total gross proceeds of about US$ 5 million, before deducting underwriting discounts and offering expenses payable by the Company.
The Class A ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on The Nasdaq Capital Market under the ticker symbol 'YIBO' on January 25, 2024.
The company has granted the underwriter a 45-day option to purchase up to an additional 187,500 Class A ordinary shares at the public offering price, less underwriting discounts. The offering is expected to close on January 29, 2024, subject to customary closing conditions.
The company plans to use the net proceeds from the offering for: constructing a comprehensive, multi-layer production center; research and development; updating the software systems of the company's own websites; setting up additional warehouses in overseas locations; and general corporate purposes.
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