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OrangeKloud Technology Inc. Announces Closing of $13.1 Million Initial Public Offering
SINGAPORE, July 26, 2024 (GLOBE NEWSWIRE) -- OrangeKloud Technology Inc. (“ORKT” or “the Company”) today announced the closing of its previously announced
About this update from Orangekloud Technology Inc.
[{"type":"text","content":"SINGAPORE, July 26, 2024 (GLOBE NEWSWIRE) -- OrangeKloud Technology Inc. (“ORKT” or “the Company”) today announced the closing of its previously announced initial public offering of an aggregate 2,750,000 Class A Ordinary Shares (“the Offering”) at a price of $4.75 per share (“the Offering Price”) to the public, for a total of approximately US$13.1 million of gross proceeds to the Company, before deducting underwriting discounts and offering expenses. The shares began trading on the NASDAQ Capital Market on July 25, 2024, under the symbol \"ORKT.\" In addition, the Company has granted the underwriters an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 412,500 Class A ordinary shares at the Offering Price, representing 15% of the Class A ordinary shares sold in the Offering (“the Overallotment”). Assuming that the Overallotment is exercised, the Company is expected to receive gross proceeds amounting to approximately US$15.0 million before deducting underwriting discounts and commissions and estimated offering expenses. Maxim Group, LLC (“Maxim”) is the sole Book-Running manager for the offering. Loeb & Loeb LLP, Bird & Bird ATMD LLP and Harney Westwood & Riegels Singapore LLP are acting as U.S., Singapore, and Cayman Islands legal counsel to the Company, respectively, and Pryor Cashman LLP is acting as U.S. legal counsel to Maxim for the Offering. The Offering and resale registration statement is being conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-277162), as amended, declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 24, 2024. The Offering is being made only by means of a prospectus. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from Maxim Group, LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, by phone at +1 (212) 895-3500, or by email at [email protected]. In addition, a copy of the final prospectus, when available, relating to the Offering may be obtained via the SEC’s website at www....