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Investing.com -- Shares of Dreamland Ltd, a Hong Kong-based event management service provider, opened at $3.50 on Wednesday, below their initial public offering price of $4.00 per share.
The company priced its IPO at $4.00 per share on Tuesday, offering 2,000,000 Class A ordinary shares. Of these shares, 1,340,000 were offered by the company while 660,000 came from an existing shareholder.
Dreamland began trading on the Nasdaq Capital Market under the ticker symbol "NASDAQ:TDIC".
The company expects to receive gross proceeds of $8,000,000 from the offering before deducting underwriting discounts and other related expenses.
Bancroft Capital, LLC served as the lead managing underwriter for the offering.
Dreamland plans to use the net proceeds for acquiring multi-territorial IP licenses, setting up its own ticketing platform, possible strategic acquisitions, expanding its marketing and finance departments, upgrading its enterprise resource planning system, repaying director loans related to the IPO process, and working capital.
The company also filed a resale prospectus for 5,416,740 Class A ordinary shares held by Prime Crest Holdings Limited, Fuji Holdings Limited, Yield Rights Group Limited and Allied Target (NYSE:TGT) Limited.
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