BEIJING (dpa-AFX) - Jinxin Technology Holding Co., a Chinese digital content service provider, announced late Thursday that it has priced its initial public offering of 1.25 million American Depositary Shares or ADSs at $4.00 per ADS.
The company expects to receive aggregate gross proceeds of $5 million from the Offering, before deducting underwriting discounts and other related expenses.
Each ADS represents eighteen ordinary shares of the company. The ADSs would be lised on The Nasdaq Capital Market, and would commence trading on Friday under the ticker symbol 'NAMI'.
Jinxin also has granted the underwriters a 60-day option to purchase up to an additional 187,500 ADSs at the IPO price, less underwriting discounts.
The offering is expected to close on or about December 09, subject to the satisfaction of customary closing conditions.
The company plans to use the net proceeds from the offering for product and content development, sales and marketing and brand promotions, recruitment of experienced personnel, and other general corporate purposes. The firm would also seek potential strategic investments and acquisitions to strengthen its technological capabilities and overall ecosystem.
In the offering, Craft Capital Management LLC and WestPark Capital, Inc. are acting as the representatives, while R. F. Lafferty & Co., Inc. is acting an underwriter.
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