Business
Hitek Global Inc. Announces Pricing of Initial Public Offering
Xiamen, China, March 31, 2023 (GLOBE NEWSWIRE) -- Hitek Global Inc. (the “Company”), a China-based information technology consulting and solutions service
About this update from Hitek Global Inc.
[{"type":"text","content":"Xiamen, China, March 31, 2023 (GLOBE NEWSWIRE) -- Hitek Global Inc. (the “Company”), a China-based information technology consulting and solutions service provider, today announced the pricing of its initial public offering (the \"Offering\") of 3,200,000 ordinary shares at a price of US$5.00 per ordinary share. The ordinary shares of the Company are expected to commence trading on the Nasdaq Capital Market March 31, 2023 under the ticker symbol \"HKIT.\" The Company expects to receive aggregate gross proceeds of US$16 million from this Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters an option to purchase up to an additional 480,000 ordinary shares at the public offering price, less the underwriting discounts, within 45 days after the closing of the Offering. The Offering is expected to close on or about April 4, 2023, subject to satisfaction of customary closing conditions. Proceeds from the Offering will be used for investment in research and development, additional employees’ recruitment, enhancement of information technology systems and general working capital. The Offering is being conducted on a firm commitment basis. Pacific Century Securities, LLC is acting as the lead underwriter of the Offering, R.F. Lafferty & Co., Inc. is acting as the co-underwriter of the Offering, and Spartan Capital LLC is acting as the co-manager of the Offering. Hunter Taubman Fischer & Li LLC is acting as counsel to the Company, and VCL Law LLP is acting as counsel to the underwriters in connection with the Offering. A post-effective amendment to the registration statement on Form F-1 (No. 333-228498) relating to the securities being sold in the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on March 30, 2023. The Offering is being made only by means of a prospectus, forming a part of the post-effective amendment to the registration statement. Copies of the final prospectus relating to the Offering may be obtained, when available, from R.F. Lafferty & Co., Inc. by email at [email protected], from Pacific Century Securities, LLC by email at [email protected], and from Spartan Capital LLC by email at [email protected]. In addition, a copy of the prospectus relating to the Offering ma...