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Investing.com -- CTW Cayman, a leading game platform company, began trading on the Nasdaq Capital Market Wednesday under the ticker symbol "NASDAQ:CTW" at $4.75 per share, below its initial public offering price of $5.00.
The company had priced its IPO of 2,400,000 Class A ordinary shares at $5.00 per share on Tuesday, expecting to raise aggregate gross proceeds of $12.0 million before deducting underwriting discounts and other related expenses.
CTW Cayman has granted the underwriters a 45-day option to purchase up to an additional 360,000 Class A ordinary shares at the public offering price, less underwriting discounts. Kingswood Capital Partners (WA:CPAP), LLC is serving as the representative of the underwriters for the offering.
The company plans to use approximately 85% of the net proceeds to support its global market expansion initiatives, with the remaining funds allocated to general working capital and other corporate purposes.
CTW Cayman operates the flagship HTML5 platform G123.jp, which provides global access to web-based games, featuring a diverse selection of free-to-play games inspired by popular Japanese animations.
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