Business
SIMPPLE LTD. Announces Closing of US$8.4 Million Initial Public Offering
Singapore, Sept. 15, 2023 (GLOBE NEWSWIRE) -- SIMPPLE LTD. (Nasdaq: SPPL) (the “Company” or “SIMPPLE”), an advanced technology solution provider in the
About this update from Simpple Ltd.
[{"type":"text","content":"Singapore, Sept. 15, 2023 (GLOBE NEWSWIRE) -- SIMPPLE LTD. (Nasdaq: SPPL) (the “Company” or “SIMPPLE”), an advanced technology solution provider in the emerging property-technology (“PropTech”) space, today announced the closing of its initial public offering (the “Offering”) of 1,602,000 ordinary shares at a public offering price of US$5.25 per ordinary share. The ordinary shares began trading on September 13, 2023 under the ticker symbol “SPPL”. The Company received aggregate gross proceeds of US$8.4 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 240,300 ordinary shares at the public offering price, less underwriting discounts. Proceeds from the Offering will be used for research and development of products and technology as well as intellectual property strategy and implementation, scaling up sales and marketing into overseas markets and for opening selected satellite offices, potential acquisitions and strategic investments and working capital and general corporate purposes. Maxim Group LLC acted as the sole book running manager of the Offering. Loeb & Loeb LLP acted as U.S. counsel to the Company, and Hunter Taubman Fischer & Li LLC acted as U.S. counsel to Maxim Group LLC 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: 333-271067) and was declared effective by the SEC on September 12, 2023. The Offering was being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, by email at [email protected], or by telephone at +1-212-895-3500. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov. This 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 in which such offer, solicitation or sale would be unlawful prior to registration or qual...