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HONG KONG - Dreamland Limited (NASDAQ:TDIC), a Hong Kong-based event management service provider, announced Wednesday the closing of its initial public offering of 2 million Class A ordinary shares at $4.00 per share. The stock is currently trading at $4.22, having moved between $3.35 and $6.10 since its listing.
The offering included 1.34 million shares from the company and 660,000 shares from an existing shareholder. Dreamland’s shares began trading on the Nasdaq Capital Market on Tuesday under the ticker symbol "TDIC."
The company raised gross proceeds of $5.36 million before deducting underwriting discounts and related expenses. Dreamland did not receive proceeds from shares sold by the selling shareholder or the resale shareholders involved in a concurrent resale prospectus for 5.42 million Class A ordinary shares.
Dreamland specializes in organizing themed walk-through experience events for intellectual property owners of animated cartoon and theatrical motion picture characters.
The company plans to use the net proceeds for acquiring multi-territorial IP licenses, developing its own ticketing platform, potential strategic acquisitions, department expansions, system upgrades, loan repayments, and working capital.
Bancroft Capital, LLC served as the sole managing underwriter for the firm commitment offering.
The information in this article is based on a press release statement from Dreamland Limited.
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