Li Bang International Corporation Inc. announced on November 14, 2024, that the underwriters of its initial public offering fully exercised their over-allotment option. This allowed for the purchase of an additional 228,000 ordinary shares at the public offering price of US$4.00 per share.
The exercise of this option resulted in additional gross proceeds of $912,000 for the company. Following this, the total number of ordinary shares sold in the public offering increased to 1,748,000 shares, and the total gross proceeds reached approximately US$6.992 million before deducting expenses.
The proceeds from the over-allotment option, like the initial offering, are allocated for plant construction, equipment procurement, advertising and marketing, research and development, and general working capital. This additional capital further strengthens the company's financial capacity for its planned growth initiatives.
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