SoFi CEO enters prepaid forward contract on 1.5 million shares
Investing.com -- K-Tech Solutions, a Hong Kong-based toy design company, began trading on the Nasdaq Capital Market Tuesday at $4.48 per share, exceeding its initial public offering price of $4.00.
The company, which specializes in infant and pre-school educational toys and learning kits, raised approximately $6.4 million in gross proceeds from its offering of 1.6 million Class A Shares.
K-Tech Solutions trades under the ticker (NASDAQ:KMRK) and has granted its underwriter a 30-day option to purchase up to an additional 240,000 Class A Shares at the IPO price. If this overallotment option is fully exercised, the company could receive additional gross proceeds of up to $960,000, bringing the potential total to $7.36 million before deducting underwriting discounts, commissions and offering expenses.
The firm provides comprehensive product development solutions to toy brands, covering design, prototype testing, production management, quality control, and after-sales services.
As part of the IPO arrangement, K-Tech Solutions granted American Trust Investment Services, which served as the representative of the underwriters and sole book-running manager for the offering, warrants to purchase up to 80,000 additional Class A Shares. These underwriters’ warrants are exercisable for three years at 125% of the offering price.
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