HUHUTECH International Group Inc. announced the closing of its initial public offering on October 23, 2024. The company sold 1,050,000 ordinary shares at a public offering price of $4.00 per share, resulting in aggregate gross proceeds of $4.2 million before deducting underwriting discounts and other related expenses.
The underwriters were granted a 45-day option to purchase up to an additional 157,500 ordinary shares at the public offering price. The proceeds from the offering are earmarked for the construction of a 5,000 square meter R&D plant, expansion of the R&D team, and additional facilities for gas supply system equipment production in Wuxi.
Further uses of the capital include the expansion and development of the company's business in the PRC, working capital, team building, operating expenses, and the payment of taxes, provident fund, and social security. The successful closing provides HUHUTECH with capital to support its growth strategy.
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