HUHUTECH International Group Inc. announced the pricing of its initial public offering on October 21, 2024, offering 1,050,000 ordinary shares at a public offering price of $4.00 per share. The company expects to receive aggregate gross proceeds of $4.2 million from the offering, before deducting underwriting discounts and other related expenses. This pricing sets the stage for the company's debut on the Nasdaq Capital Market.
The ordinary shares were approved for listing on the Nasdaq Capital Market and were expected to commence trading on October 22, 2024, under the ticker symbol "HUHU." The offering was conducted on a firm commitment basis, with Craft Capital Management LLC acting as the representative of the underwriters.
Proceeds from the offering are designated for several strategic initiatives, including the construction of a 5,000 square meter R&D plant and the expansion of the R&D team in Wuxi. Funds will also support the construction of additional facilities and the purchase of equipment for gas supply systems, alongside the expansion of the company's business in the PRC, working capital, and general corporate purposes.
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