Business
707 Cayman Holdings Limited Announces Closing of $10.0 Million Initial Public Offering
HONG KONG, June 10, 2025 (GLOBE NEWSWIRE) -- 707 Cayman Holdings Limited (“707” or the “Company”) (Nasdaq: JEM), a Hong Kong-based company that sells quality apparel products and provides supply chain management total solutions, today announced the closing of its previously announced initial public offering (the “Offering”) of an aggregate 2,500,000 ordinary shares at a public offering price of $4.00 per share for total gross proceeds of $10.0 million, before deducting underwriting discounts and
About this update from 707 Cayman Holdings Limited
[{"type":"text","content":"HONG KONG, June 10, 2025 (GLOBE NEWSWIRE) -- 707 Cayman Holdings Limited (“707” or the “Company”) (Nasdaq: JEM), a Hong Kong-based company that sells quality apparel products and provides supply chain management total solutions, today announced the closing of its previously announced initial public offering (the “Offering”) of an aggregate 2,500,000 ordinary shares at a public offering price of $4.00 per share for total gross proceeds of $10.0 million, before deducting underwriting discounts and offering expenses. The Company sold 1,750,000 ordinary shares and selling shareholders sold an aggregate of 750,000 ordinary shares. The Company did not receive any proceeds from the sale of shares by the selling shareholders.","length":727,"tagName":"p"},{"type":"text","content":"The shares began trading on the Nasdaq Capital Market on June 9, 2025, under the ticker symbol “JEM.” The Company received aggregate net proceeds of approximately $5.2 million, after deducting discounts, expenses and expense allocations. The Company plans to use proceeds of the Offering for (i) potential acquisitions of brands and/or licensing of new brands for distribution and sale; (ii) branding and marketing; (iii) hiring additional staff and building its sales and marketing team; (iv) revamping its website and building a new mobile app; (v) digitalization of systems through investment in software such as enterprise resource planning and human resource management; (vi) repayment of interest free loans, and (vii) for working capital and general corporate purposes.","length":776,"tagName":"p"},{"type":"text","content":"Bancroft Capital, LLC acted as sole underwriter for the Offering. Troy Gould PC acted as U.S. legal counsel to the Company, and Sichenzia Ross Ference Carmel LLP acted as U.S. legal counsel to Bancroft Capital, LLC.","length":215,"tagName":"p"},{"type":"text","content":"This Offering was being conducted pursuant to the Company’s registration statement on Form F-1, as amended (File No. 333-281949), which was filed with the United States Securities and Exchange Commission (the “SEC”) and was declared effective on June 9, 2025. The Offering of the securities was made only by means of a prospectus forming part of the registration statement. Electronic copies of the final prospectus relating to the Offering may be obtained by visiting the SEC’s websi...