On November 21, 2024, the underwriters of HUHUTECH International Group Inc.'s initial public offering partially exercised their over-allotment option to purchase an additional 123,413 ordinary shares at the public offering price of $4.00 per share. This exercise generated additional gross proceeds of $493,652 for the company.
Following this partial exercise, the total number of ordinary shares sold by HUHUTECH in the public offering increased to 1,173,413 shares. The total gross proceeds from the offering, before deducting expenses, reached approximately $4.69 million.
The additional capital will be allocated towards the construction of a 5,000 square meter R&D plant, expansion of the R&D team, and new facilities for gas supply system equipment production in Wuxi. It will also support the expansion of the company's business in the PRC, working capital, and general corporate purposes.
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