Micware Co.(MWC), Ltd., a Japan-based automotive software developer, on Thursday announced the pricing of its upsized initial public offering of 2.85 million American Depositary Shares at $8 per ADS.
The offering is expected to close on or about May 15.
The company granted the underwriters a 45-day option to purchase up to an additional 427,500 ADSs to cover over-allotments.
The ADSs are expected to begin trading on the Nasdaq Global Market on May 14 under the ticker symbol "MWC."
The company said that the gross proceeds from the offering are expected to total about $22.8 million before underwriting discounts and offering expenses.
The company said that the proceeds from the offering will be used to support the company's DSMM project and expansion of its micAuto-PF software platform, general corporate purposes, strategic investments in SDV and LBS segments, and marketing and advertising activities.
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