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PTL (PTLE) announced the full exercise of the underwriter's over-allotment option for their initial public offering. The underwriters purchased an additional 187,500 ordinary shares at $4.00 per share, generating extra gross proceeds of $0.75 million. The total offering now comprises 1,437,500 shares with gross proceeds of $5.75 million. The company plans to use proceeds for vessel acquisition, inventory position enhancement, price hedging mechanism establishment, and general corporate purposes. Trading began on Nasdaq Capital Market on October 16, 2024, under symbol PTLE.
PTL (Nasdaq: PTLE) has successfully closed its initial public offering (IPO) of 1,250,000 ordinary shares at $4.00 per share, raising $5 million in gross proceeds. The company's shares began trading on the Nasdaq Capital Market on October 16, 2024. PTL, a bunkering facilitator providing marine fuel logistics services in the Asia Pacific region, plans to use the funds for vessel acquisition, inventory expansion, establishing a price hedging mechanism, and general corporate purposes. The underwriters, led by Dominari Securities , have a 45-day option to purchase up to an additional 187,500 shares. The IPO was conducted on a firm commitment basis, with legal counsel provided by various firms for different jurisdictions.
PTL (Nasdaq: PTLE), a bunkering facilitator in the Asia Pacific market, has announced the pricing of its initial public offering (IPO) of 1,250,000 ordinary shares at $4.00 per share. The company expects to raise $5 million in gross proceeds, potentially increasing to $5.75 million if the 45-day over-allotment option is exercised. Trading on the Nasdaq Capital Market is set to begin on October 16, 2024, under the symbol 'PTLE'.
The IPO is expected to close on October 17, 2024. PTL plans to use the net proceeds for vessel acquisition, inventory expansion, establishing a price hedging mechanism, and general corporate purposes. Dominari Securities is acting as the representative underwriter, with Revere Securities as co-underwriter. The offering is being conducted on a firm commitment basis and in accordance with the company's SEC-approved Registration Statement on Form F-1.
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