Business
PTL Limited Announces Pricing of $5 million Initial Public Offering and Listing on Nasdaq
Hong Kong, Oct. 15, 2024 (GLOBE NEWSWIRE) -- PTL Limited (Nasdaq: PTLE) (the “Company”), an established bunkering facilitator providing marine fuel logistics
About this update from Ptl Ltd
[{"type":"text","content":"Hong Kong, Oct. 15, 2024 (GLOBE NEWSWIRE) -- PTL Limited (Nasdaq: PTLE) (the “Company”), an established bunkering facilitator providing marine fuel logistics services for vessel refueling, serving the Asia Pacific market, today announced the pricing of its initial public offering (the “Offering”) of 1,250,000 ordinary shares (the “Ordinary Shares”), at a price of $4.00 per Ordinary Share (the “Offering Price”). The Ordinary Shares are expected to begin trading on the Nasdaq Capital Market on October 16, 2024 under the symbol “PTLE.”The Offering is expected to close on October 17, 2024, subject to the satisfaction of customary closing conditions. The Company expects to receive aggregate gross proceeds of US$5 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 187,500 Ordinary Shares of the Company, at the Offering Price, representing 15% of the Ordinary Shares sold in the Offering (the “Over-allotment”),. Assuming that the Over-allotment is exercised, the Company is expected to receive gross proceeds amounting to $5.75 million, before deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds for vessels acquisition, increasing inventory position to secure favorable volume discounts and credit terms, establishing a price hedging mechanism, and other general corporate purposes. The Offering is conducted on a firm commitment basis. Dominari Securities LLC is acting as the representative of the underwriters, with Revere Securities LLC acting as the co-underwriter (collectively, the “Underwriters”) for the Offering. Ortoli Rosenstadt LLP, Ogier, David Fong & Co. Lawyers and China Commercial Law Firm are acting as U.S., British Virgin Islands, Hong Kong and People’s Republic of China legal counsels to the Company, respectively. J&S Associate PLT is acting as the reporting accountants of the Company. Loeb & Loeb LLP is acting as legal counsel to the Underwriters for the Offering. The Offering is being conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-281097) previously filed with, and subsequently declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 30, 2...