Rectitude Holdings Ltd. announced the pricing of its initial public offering of 2 million ordinary shares at $4.00 per share, resulting in total gross proceeds of $8 million before deductions.
The shares will begin trading on the Nasdaq on June 21, 2024, under the ticker 'RECT.'
The company granted the underwriter, A.G.P./Alliance Global Partners, a 45-day option to purchase up to 300,000 ordinary shares at the IPO price. The underwriter was also issued warrants to buy up to 100,000 ordinary shares.
The Offering is on a firm commitment basis, with the Company planning to utilize the funds for marketing, product development, digital transformation, system upgrades, and general corporate purposes.
The offering is expected to conclude around June 24, 2024, pending typical closing conditions.
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