Armlogi Holdings, a warehousing and logistics service provider based in California, filed for an initial public offering (IPO) on Monday. The company has expressed its intention to offer two million shares at a price range of $5 to $6 per share.
The Walnut, California-headquartered firm expects net proceeds of about $8.4 million at the midpoint range of $5.50 per share. However, this amount could potentially increase to nearly $10 million if underwriters opt to exercise their option to buy an additional 300,000 shares.
Armlogi Holdings has detailed plans to use the majority of these proceeds for expansion and development purposes. The company's growth strategy includes expanding its warehouse network and enhancing its services in warehousing and logistics, international ocean freight, and port trucking.
As part of the IPO process, Armlogi is seeking to list its shares on the Nasdaq Capital Market. If approved, the company's shares will be listed under the symbol NASDAQ :BTOC. Post-IPO, Aidy Chou, the company's Chief Executive Officer, is expected to retain approximately 68% of the firm's voting power.
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