Gelteq Limited Closes US$5.2 Million Initial Public Offering
October 30 2024 - 9:00AM
Gelteq Limited (“Gelteq” or the “Company”), a global biotechnology
company that specializes in the formulation, development, and
manufacturing of ingestible gel technology, announced today the
closing of its initial public offering of 1,300,000 ordinary shares
at a public offering price of US$4.00 per share. The ordinary
shares commenced trading on the Nasdaq Global Market on
October 29, 2024 under the symbol “GELS.”
The gross proceeds from the offering, before
deducting underwriting fees and other offering expenses payable by
the Company, were US$5.2 million. The Company intends to use the
net proceeds from the offering for various purposes, including
funding certain manufacturing, marketing and research and
development activities.
The Benchmark Company, LLC acted as the lead
managing underwriter for the offering. The Company has granted the
underwriter a 45-day option to purchase up to an additional 195,000
ordinary shares solely to cover any over-allotments.
A registration statement on Form F-1 (File No.
333-280804) relating to the offering was declared effective by the
U.S. Securities and Exchange Commission (the "SEC")
on September 30, 2024. The offering is being made only by
means of a prospectus. A final prospectus relating to the offering
was filed with the SEC. Electronic copies of the final prospectus
may be obtained on the SEC’s website at http://www.sec.gov and may
also be obtained by contacting The Benchmark Company, LLC, 150 East
58th Street, 17th Floor, New York, New York 10155, at (212)
312-6700, or by email at prospectus@benchmarkcompany.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Gelteq Inc.
Headquartered in Melbourne, Australia, Gelteq is
a global biotechnology company that specializes in the formulation,
development, and manufacturing of
an innovative ingestible gel platform designed
for nutrient and drug delivery. The Company is focused on
advancing and commercializing its delivery solutions within five
core verticals: pharmaceuticals, over-the-counter medications,
nutraceuticals, animal medications, and sports nutrition. Gelteq’s
unique formulation directly addresses the issues associated
with traditional drug delivery methods such as difficulty
swallowing, taste of unpalatable ingredients, and dosage control.
For more information, visit www.gelteq.com.
Forward Looking Statements
This press release contains statements that
constitute “forward-looking statements,” including with respect to
the anticipated use of the net proceeds. No assurance can be given
that the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s registration
statement and prospectus for the offering filed with the SEC.
Copies of these documents are available on the SEC’s website,
www.sec.gov. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
Contact:
CORE IR516-222-2560PR@gelteq.com
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