Infobird Co., Ltd Announces Closing of Initial Public Offering

Rhea-AI Summary

Infobird Co., Ltd has successfully closed its underwritten initial public offering of 6,250,000 ordinary shares at a price of $4.00 per share, raising $25 million in gross proceeds. The shares are now listed on The Nasdaq Capital Market under the ticker symbol IFBD. The offering was managed by WestPark Capital, which also holds an option to purchase an additional 937,500 shares to cover over-allotments. The registration statement for this offering was declared effective by the SEC on March 31, 2021.

Positive

• Raised $25 million in gross proceeds from the IPO.
• Shares are now trading on The Nasdaq Capital Market, increasing visibility and credibility.

Negative

• Potential dilution of existing shareholders if underwriters exercise their option for additional shares.

BEIJING, CHINA, April 22, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Infobird Co., Ltd (“Infobird”), a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China, announces the closing of its underwritten initial public offering of 6,250,000 ordinary shares at a public offering price of $4.00 per share, before underwriting discounts and commissions, resulting in gross proceeds of $25,000,000, before underwriting discounts and commissions and offering expenses. The offering was conducted on a firm commitment basis. All of the ordinary shares were offered by Infobird.

The ordinary shares were approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “IFBD” on April 20, 2021.

WestPark Capital, Inc. (“WestPark Capital”) acted as the book-running manager for the offering. Infobird has granted the underwriters a 45-day option to purchase up to an additional 937,500 ordinary shares at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments, if any.

A registration statement on Form F-1 (File No. 333-251234), as amended, including a prospectus relating to the offering, was filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on March 31, 2021. The offering of the ordinary shares was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained on the SEC’s website at www.sec.gov and may also be obtained from WestPark Capital, Inc., 1900 Avenue of the Stars, Suite 300, Los Angeles, CA, 90067, or by email at jstern@wpcapital.com.

Before you invest, you should read the prospectus and other documents Infobird has filed or will file with the SEC for more complete information about Infobird and the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Infobird Co., Ltd

Infobird, headquartered in Beijing, China, is a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China. For more information, visit Infobird’s website at www.Infobird.com.

About WestPark Capital, Inc.

WestPark Capital is a full-service investment bank focused on emerging growth sectors such as healthcare, software, technology, biotechnology, financial services, manufacturing, consumer products, media and telecom industries, among other categories. WestPark Capital provides a comprehensive range of corporate finance services, including initial public offerings, follow-on offerings, ATMs, Registered Direct Offerings (RD), CMPOs, private placements, SIPOs and corporate finance advisory services. Additional information about WestPark Capital is available at www.wpcapital.com or by email at info@wpcapital.com.

Contacts

Infobird Contact 
Infobird Co., Ltd
Yimin Wu, Chief Executive Officer and Chairman of the Board of Directors
wuym@infobird.com
86-010-52411819

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

FAQ

What is the total amount raised by Infobird in its IPO?

Infobird raised a total of $25 million through its IPO.

When did Infobird start trading on Nasdaq?

Infobird began trading on The Nasdaq Capital Market on April 20, 2021.

What is the ticker symbol for Infobird?

The ticker symbol for Infobird is IFBD.

Who managed Infobird's IPO?

WestPark Capital acted as the book-running manager for Infobird's IPO.

What is the offering price per share for Infobird's IPO?

The offering price per share for Infobird's IPO was set at $4.00.