BEIJING (dpa-AFX) - Ruanyun Edai Technology Inc., an artificial intelligence (AI) technology company focused on K-12 education in China, announced that it has priced its initial public offering of 3.75 million ordinary shares at a public offering price of $4.00 per share.
The company expects to receive aggregate gross proceeds of approximately $15 million, before deducting underwriting discounts and other offering expenses. The Ordinary Shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on April 8, 2025, under the ticker symbol RYET. The Offering is expected to close on April 9, 2025.
In addition, the company has granted the underwriters an option (the Over-Allotment Option), exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 562,500 Ordinary Shares at the public offering price, less underwriting discounts, to cover over-allotments, if any.
The company noted that it will use net proceeds from the offering for research and development of new products and services; marketing and customer services; new content creation; cash reserves; and working capital and general corporate purposes, including, without limitation, costs to set up two additional regional offices.
AC Sunshine Securities LLC (AC Sunshine) is acting as the sole book-running manager for the Offering. K&L Gates LLP is acting as U.S. securities counsel to the Company, and Hunter Taubman Fischer & Li LLC is acting as U.S. securities counsel to AC Sunshine in connection with the Offering.
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