ICZOOM Group Inc., a B2B e-commerce trading platform primarily engaged in sales of electronic component products in Hong Kong and mainland China, said that it has priced its initial public offering of 1.50 million Class A ordinary shares at US$4.00 per Class A ordinary share.
The Class A ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on March 15, 2023 under the ticker symbol "IZM."
The company expects to receive aggregate gross proceeds of US$6 million from the Offering, before deducting underwriting discounts and other related expenses.
In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 225,000 Class A ordinary shares at the public offering price after the effective date of the registration statement, less underwriting discounts.
The offering is expected to close on or about March 17, 2023.
The company said it will use proceeds from the Offering for sales and marketing, research and development, logistics and warehousing capabilities, and working capital.
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