Business
ICZOOM Group Inc. Announces Closing of US$6 Million Initial Public Offering
SHENZHEN, China, March 17, 2023 /PRNewswire/ -- ICZOOM Group Inc. (Nasdaq: IZM) (the "Company" or "ICZOOM"), a B2B e-commerce trading platform primarily
About this update from Iczoom Group Inc.
[{"type":"text","content":"SHENZHEN, China, March 17, 2023 /PRNewswire/ -- ICZOOM Group Inc. (Nasdaq: IZM) (the \"Company\" or \"ICZOOM\"), a B2B e-commerce trading platform primarily engaged in sales of electronic component products in Hong Kong and mainland China, today announced the closing of its initial public offering (the \"Offering\") of 1,500,000 Class A ordinary shares at a public offering price of US$4.00 per Class A ordinary share. The Class A ordinary shares began trading on the Nasdaq Capital Market on March 15, 2023 under the ticker symbol \"IZM.\"\nThe Company received aggregate gross proceeds of US$6 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 225,000 Class A ordinary shares at the public offering price after the effective date of the registration statement, less underwriting discounts.\nProceeds from the Offering will be used for sales and marketing, research and development, logistics and warehousing capabilities, and working capital.\nThe Offering was conducted on a firm commitment basis. The Benchmark Company, LLC acted as the sole bookrunning manager for the Offering. FT Global Capital, Inc. acted as the financial adviser in connection with this Offering.\nRobinson & Cole LLP acted as the U.S. securities counsel to the Company, and ArentFox Schiff LLP acted as the U.S. counsel to The Benchmark Company, LLC in connection with the Offering.\nA registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (\"SEC\") (File Number: 333-259012) and was declared effective by the SEC on March 14, 2023. The Offering was made only by means of a prospectus. Copies of the prospectus relating to the Offering may be obtained from The Benchmark Company, LLC, 150 East 58th Street, 17th floor, New York, NY 10155, by email at [email protected], or by calling +1 (212)-312-6700. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.\nThis press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company's securities, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction ...