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Pheton Holdings , a healthcare solution provider specializing in brachytherapy treatment planning systems, has successfully closed its initial public offering (IPO). The company offered 2,250,000 Class A ordinary shares at $4.00 per share, raising gross proceeds of $9 million. Pheton's shares began trading on the Nasdaq Capital Market under the symbol 'PTHL' on September 5, 2024.
The underwriters have a 45-day option to purchase up to 337,500 additional shares. Proceeds will fund research and development, technology upgrades, market expansion, and operational improvements. CATHAY SECURITIES, INC. led the underwriting, with Dominari Securities as co-underwriter.
Pheton Holdings (PTHL), a healthcare solution provider specializing in treatment planning systems for brachytherapy, announced the pricing of its initial public offering (IPO). The IPO comprises 2,250,000 Class A ordinary shares priced at $4.00 per share, totaling $9 million in gross proceeds before deductions. Underwriters have a 45-day option to purchase an additional 337,500 shares at the IPO price, minus underwriting discounts. Trading is set to commence on the Nasdaq Capital Market on September 5, 2024, under the ticker symbol 'PTHL'. The IPO is expected to close on September 6, 2024, pending customary closing conditions. CATHAY SECURITIES and Dominari Securities are leading the underwriting process. Legal counsel includes Hunter Taubman Fischer & Li for the company and The Crone Law Group P.C. for the underwriters.
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