Netcapital Inc. Announces Pricing of Public Offering and Nasdaq Listing
Netcapital Inc. (Nasdaq: NCPL, NCPLW) announced a public offering of 1,205,000 shares of common stock at $4.15 each, along with warrants to purchase the same number of shares. The gross proceeds are anticipated to be around $5 million, intended for research and development, sales and marketing, general working capital, potential acquisitions, and debt repayment. The offering is set to close on July 15, 2022, with shares expected to begin trading on July 13, 2022. The company has granted underwriters a 45-day option for additional shares to cover over-allotments.
- Net proceeds of approximately $5 million will support R&D, including a mobile app, and potential acquisitions.
- Warrants provide an opportunity for additional funding through future stock conversions.
- Issuance of new shares may lead to shareholder dilution.
- Dependence on market conditions for the successful completion of the offering.
The Company intends to use the net proceeds of the offering for research and development activities (including development of a mobile app), sales and marketing, general working capital purposes, potential acquisitions of other companies, products or technologies, and to repay certain indebtedness.
The shares of common stock and warrants have been approved for listing on the Nasdaq Capital Market under the symbols “NCPL” and “NCPLW” respectively, and are expected to begin trading on the exchange at the open of trading on
The offering is expected to close on
A registration statement on Form S-1 (File No. 333-262688) relating to the shares of common stock and warrants was filed with the
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Netcapital Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the registration statement related to the public offering filed with the
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CFO
781-925-1700
coreen.kraysler@netcapital.com
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