Creative Global Technology Holdings Limited Announces Closings of Its Initial Public Offering and the Underwriter’s Over-Allotment Option

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[{"type":"text","content":"Hong Kong, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Creative Global Technology Holdings Limited (the “Company” or “CGTL”), a Hong Kong-based company sourcing and reselling recycled consumer electronic devices, today announced the closing of its initial public offering (the “Offering”) of 1,250,000 ordinary shares (the “Ordinary Shares”) at a public offering price of $4.00 per share for total gross proceeds of $5,000,000, before deducting underwriting discounts and other offering expenses. The Offering closed on November 27, 2024, and the Ordinary Shares commenced trading on Nasdaq Capital Market on November 26, 2024, under the ticker symbol “CGTL”. The Company also closed the sale of an additional 187,500 ordinary shares pursuant to the full exercise of the underwriter’s over-allotment option granted in connection with the Company’s Offering, at the public offering price of $4.00 per share. As a result, the Company has raised gross proceeds of $750,000 in addition to the IPO gross proceeds of $5,000,000, before deducting underwriting discounts and offering expenses. The Offering is being conducted on a firm commitment basis. Benjamin Securities, Inc. acted as the representative of the underwriters, with Prime Number Capital, LLC acted as the co-manager (collectively, the “Underwriters”) for the Offering. Jun He Law Offices LLC acted as U.S. counsel to the Company, and Winston & Strawn LLP acted as U.S. counsel to the underwriter, in connection with the Offering. The Company intends to use the proceeds from this Offering for general corporate purposes and to expand the wholesale business and develop a wholesale auction market, expand its retail business, expand into strategic overseas markets, and build a repair and refurbishment factory. A registration statement on Form F-1 (File No. 333-273329) relating to the Offering, as amended, has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on November 18, 2024. The Offering is being made only by means of a prospectus. Copies of the final prospectus related to the Offering may be obtained, from Benjamin Securities, Inc.: 3 West Garden Street Suite 407 Pensacola, FL 32502, or via email at [email protected] or telephone at (516) 931-1090. In addition, a copy of the final prospectus can also be obtained via the SEC’s website...

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