Business
Garden Stage Limited Announces Closing of Initial Public Offering
Hong Kong, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Garden Stage Limited (the “Company” or “Garden Stage”), a Hong Kong-based financial services provider principally
About this update from Garden Stage Limited
[{"type":"text","content":"Hong Kong, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Garden Stage Limited (the “Company” or “Garden Stage”), a Hong Kong-based financial services provider principally engaged in the provision of (i) placing and underwriting services; (ii) securities dealing and brokerage services; and (iii) asset management services, today announced the closing of its initial public offering (the “Offering”) of 2,500,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares began trading on the Nasdaq Capital Market on December 1, 2023, under the ticker symbol “GSIW.” Company has granted the underwriters a 45-day option to purchase up to an additional 375,000 ordinary shares at the public offering price (the “Over-allotment Option”), less underwriting discounts. On December 4, 2023, the underwriters exercised the Over-Allotment Option in full to purchase an additional 375,000 Ordinary Shares, at a price of US$4.00 per ordinary share. The Company received aggregate gross proceeds of US$11.5 million from the Offering, after the underwriters exercised their over-allotment option in full to purchase the additional 375,000 Ordinary Shares, before deducting underwriting discounts and other related expenses. Proceeds from the Offering will be used for expanding the Company’s underwriting and placing services, commencing their securities margin financing services, enhancing their IT infrastructure and capacity, expanding their asset management service, expanding their securities dealing and brokerage services coverage in the U.S. exchanges, and general working capital. The Offering was conducted on a firm commitment basis. Revere Securities LLC, R.F. Lafferty & Co., Inc. and Dominari Securities LLC (the “Underwriters”) acted as the Underwriters for the Offering. Ortoli Rosenstadt LLP acted as U.S. counsel to the Company and The Crone Law Group P.C. acted as U.S. counsel to the Underwriters in connection with the Offering. A registration statement on Form F-1 relating to the Offering has been filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-273053) and was declared effective by the SEC on November 30, 2023. An additional registration statement on Form F-1 (File Number: 333-275829) was filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and became effective on Nove...