Planet Image International Limited (“Planet Image” or the “Company”), an export-oriented manufacturer and seller of compatible toner cartridges based in China, the U.S. and Europe, announced the pricing of its initial public offering of 1,250,000 Class A ordinary shares at a public offering price of US$4.00 per share for total gross proceeds of approximately US$ 5 million, before deducting underwriting discounts and offering expenses payable by the Company.
According to nasdaq.com, the Class A ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on the Nasdaq Capital Market under the ticker symbol “YIBO” on January 25, 2024.
The Company has granted the underwriter a 45-day option to purchase up to an additional 187,500 Class A ordinary shares at the public offering price, less underwriting discounts. The offering is expected to close on January 29, 2024, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering for i) constructing a comprehensive, multi-layer production center; ii) research and development; iii) updating the software systems of the Company’s websites; iv) setting up additional warehouses in overseas locations; and v) general corporate purposes.
US Tiger Securities, Inc. is the sole book runner for the offering. Hunter Taubman Fischer & Li LLC is acting as U.S. counsel to the Company. VCL Law LLP is acting as U.S. counsel to the underwriter.
A registration statement on Form F-1, as amended (File No.333- 263602) (the “Registration Statement”), relating to the offering, was filed with the U.S. Securities and Exchange Commission (“SEC”) by the Company and declared effective by the SEC on January 24, 2024. The offering is made only using a prospectus, forming a part of the Registration Statement. A final prospectus relating to the offering will be filed with the SEC and available on the SEC’s website at www.sec.gov.
Source: RTM World
Covered By: Imaging Solution