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Investing.com -- One & One Green Technologies (NASDAQ:YDDL) stock soared 100% in after-hours trading on Thursday, following its initial public offering earlier in the day.
The Philippines-based waste materials and scrap metal recycling company saw its shares close at $5.42 in regular trading after opening at $5.75, above its IPO price of $5.00 per share. However, the stock spiked dramatically in the after-hours session, climbing above $10.
The company’s IPO consisted of 2 million Class A ordinary shares priced at $5.00 each, raising $10 million in gross proceeds before deducting underwriting discounts and related expenses. One & One Green Technologies has granted underwriters a 30-day option to purchase up to 300,000 additional shares to cover potential over-allotments.
Cathay Securities, Inc. served as the sole underwriter for the offering, which is expected to officially close on October 10, subject to customary closing conditions.
One & One Green Technologies operates through its entities Yoda Metal and Craft Trading and Services Corp. and DL Metal Corporation. The company processes raw materials into products including copper alloy ingots, aluminum scraps, and plastic beads, offering solutions for electronic waste, metal scrap, and industrial recycling.
The company holds a government-issued license to import hazardous waste as raw materials into the Philippines and has a permitted annual processing capacity of approximately 300,000 tons. One & One Green Technologies plans to expand its raw material sourcing from Japan and South Korea while broadening its presence across Southeast Asia and other international markets.
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