Creative Global Technology Holdings Limited (CGTL) announced the closing of its initial public offering (IPO) on November 27, 2024. The company offered 1,250,000 ordinary shares at a public offering price of $4.00 per share, generating total gross proceeds of $5,000,000 before deducting underwriting discounts and other offering expenses. The Ordinary Shares commenced trading on the Nasdaq Capital Market on November 26, 2024, under the ticker symbol “CGTL”.
Additionally, the underwriter fully exercised its over-allotment option, resulting in the sale of an extra 187,500 ordinary shares at $4.00 per share. This generated an additional $750,000 in gross proceeds, bringing the total gross proceeds from the offering to $5,750,000. The registration statement on Form F-1 relating to the offering was declared effective by the U.S. Securities and Exchange Commission (SEC) on November 18, 2024.
CGTL intends to allocate the proceeds from this offering towards general corporate purposes and strategic expansion initiatives. These plans include expanding its wholesale business and developing a wholesale auction market, growing its retail business, entering strategic overseas markets, and establishing a repair and refurbishment factory. This capital infusion is expected to support the company's growth objectives in the recycled consumer electronics market.
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