GigaCloud Technology Prices IPO Of 2.94 Mln Class A Shares At $12.25/Class A Share

GigaCloud Technology Inc, a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise, said that it has priced its initial public offering of 2.94 million Class A ordinary shares at a public offering price of $12.25 per Class A ordinary share.

The company expects the gross proceeds of the offering to be approximately $36 million before deducting underwriting discounts and commissions and offering expenses.

The Class A ordinary shares are expected to begin trading on the Nasdaq Global Market on August 18, 2022, under the symbol "GCT."

The offering is expected to close on August 22, 2022.

In addition, the company has granted Aegis Capital Corp. a 45-day option to purchase additional shares of Class A ordinary shares of up to 15% of the number of shares, respectively, sold in the Offering solely to cover over-allotments, if any. If this option is exercised in full, the total gross proceeds of the Offering including over-allotments are expected to be approximately $41 million before deducting underwriting discounts, commissions and offering expenses.

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