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Huachen AI Parking Management Technology (Nasdaq: HCAI) has announced the pricing of its initial public offering of 1,500,000 ordinary shares at $4.00 per share, targeting gross proceeds of $6 million before deducting underwriting costs and expenses. The company's shares are set to begin trading on the Nasdaq Capital Market on February 5, 2025, under the ticker 'HCAI'.
The underwriters have a 45-day option to purchase up to an additional 225,000 shares to cover potential over-allotments. The offering proceeds will be used for contracting parking lot rights, product R&D, recruiting technical personnel, and working capital. Benjamin Securities and D. Boral Capital are serving as underwriters for this firm commitment offering, which is expected to close around February 6, 2025.
