WASHINGTON (dpa-AFX) - Park Ha Biological Technology Co., Ltd., a company focused on developing private skincare labels, direct skincare product sales, and franchise alliance promotions, said that it has priced its initial public offering of 1.20 million ordinary shares at $4.00 per share.
The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on December 27, 2024 under the ticker symbol 'PHH.'
The company expects to receive aggregate gross proceeds of $4.8 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 180,000 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about December 30, 2024.
The company noted that it will use net proceeds from the Offering for expanding the scale of directly-owned stores in the PRC; purchasing existing product patents to develop proprietary products; and acquiring ingredient suppliers to reduce production costs over the long term.
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