Business
Garden Stage Limited Announces Pricing of Initial Public Offering
Hong Kong, Dec. 01, 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. 01, 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 pricing 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 have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on December 1, 2023, U.S. Eastern time, under the ticker symbol “GSIW.” The Company expects to receive aggregate gross proceeds of US$10 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 375,000 ordinary shares at the public offering price after the closing of Offering, less underwriting discounts. The Offering is expected to close on or about December 5, 2023, subject to the satisfaction of customary closing conditions. 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 is being conducted on a firm commitment basis. Revere Securities LLC, R.F. Lafferty & Co., Inc. and Dominari Securities LLC (the “Underwriters”) are acting as the Underwriters for the Offering. Ortoli Rosenstadt LLP is acting as U.S. counsel to the Company and The Crone Law Group P.C. is acting as U.S. counsel to the Underwriters in connection with the Offering. A registration statement on Form F-1 relating to the Offering was 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. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering, when available, may be obtained from Revere Securities LLC by email at contact@rev...