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NORTH WALES, Pa. - Toppoint Holdings Inc., a logistics and transportation company, announced the successful completion of its initial public offering (IPO), raising $10 million in gross proceeds. The company, which specializes in the transport of recyclable materials, priced 2.5 million shares at $4.00 each. Since its debut, the stock has settled at $3.66, showing active trading with an average daily volume of 490,000 shares.
The shares began trading on the NYSE American stock exchange under the ticker symbol "TOPP" on Wednesday, marking the company's debut on the public market. In conjunction with the offering, Toppoint Holdings has granted the underwriter a 45-day option to purchase up to an additional 375,000 shares to cover any over-allotments. The stock has traded within a range of $3.16 to $4.50 since its listing. For detailed analysis and exclusive insights on TOPP's valuation metrics, visit InvestingPro.
The net proceeds from the IPO are earmarked for various strategic initiatives, including geographic expansion, bolstering physical and IT infrastructure, growing the sales team and marketing efforts, and providing general working capital for other corporate needs.
A.G.P./Alliance Global Partners (NYSE:GLP) served as the sole book-running manager for the IPO. Legal counsel for the transaction was provided by Bevilacqua PLLC for Toppoint Holdings and Loeb & Loeb LLP for A.G.P.
The offering was made pursuant to a Registration Statement on Form S-1, declared effective by the U.S. Securities and Exchange Commission (SEC) on January 21, 2025. The final prospectus related to the offering is available on the SEC's website.
Toppoint Holdings, established in 2014 and headquartered in North Wales, Pennsylvania, operates in the recycling transport market, with services extending to major ports in the United States and Mexico. The company also offers trucking and logistics brokerage solutions for a variety of commodities, servicing commercial hubs across the U.S. Investors seeking comprehensive financial analysis and exclusive insights can access detailed metrics and expert recommendations through InvestingPro's premium features.
This press release statement serves as the source of information for this article. No offer to sell or solicitation of an offer to buy any securities is made by this press release, and such an offer may only be made by means of a prospectus.
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