PRIMECH HOLDINGS LTD. Announces Pricing of US12.2 Million Initial Public Offering
October 09 2023 - 9:53PM
Primech Holdings Ltd.. (the “Company” or “PRIMECH”), an established
technology-driven facilities services provider in the public and
private sectors operating mainly in Singapore, today announced the
pricing of its initial public offering (the “Offering”) of
3,050,000 ordinary shares at a public offering price of US$4.00 per
ordinary share. The ordinary shares have been approved for listing
on the Nasdaq Capital Market and are expected to commence trading
on October 10, 2023 under the ticker symbol “PMEC”.
The Company expects to receive aggregate gross
proceeds of US$12.2 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 457,500 ordinary shares at the public offering
price, less underwriting discounts. The Offering is expected to
close on or about October 12, 2023, subject to the satisfaction of
customary closing conditions.
Proceeds from the Offering will be used for
expanding the Company’s range of services and operations, research
and development of products and technology as well as intellectual
property strategy and implementation, marketing and promotional
activities, upgrading of vehicles and machines including for
electric vehicle (“EV”) charging compatibility, potential minority
investments in the EV conversion business and working capital and
general corporate purposes.
Spartan Capital Securities, LLC is acting as the
sole book running manager of the Offering. Loeb & Loeb LLP is
acting as U.S. counsel to the Company, and ArentFox Schiff LLP is
acting as U.S. counsel to Spartan Capital Securities, LLC in
connection with the Offering.
A registration statement on Form F-1 relating to
the Offering was filed with the U.S. Securities and Exchange
Commission (the “SEC”) (File Number: 333-264036) and was declared
effective by the SEC on September 29, 2023. The Offering is being
made only by means of a prospectus, forming a part of the
registration statement. Copies of the final prospectus relating to
the Offering, when available, may be obtained from Spartan Capital
Securities, LLC, 45 Broadway, New York, NY 10006, or by telephone
at (877) 772-7818. In addition, copies of the prospectus relating
to the Offering may be obtained via the SEC's website at
www.sec.gov.
Before you invest, you should read the
prospectus and other documents the Company has filed or will file
with the SEC for more information about the Company and the
Offering. This press release does not constitute an offer to sell,
or the solicitation of an offer to buy any of the Company’s
securities, nor shall there be any offer, solicitation or sale of
any of the Company’s 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 such
state or jurisdiction.
About PRIMECH HOLDINGS LTD.
Headquartered in Singapore, Primech Holdings
Ltd. is an established technology-driven facilities services
provider in the public and private sectors operating mainly in
Singapore. The Company has a strong foothold in the Singapore
facilities services market, offering services in the areas of
facilities services, stewarding services, office cleaning, home
cleaning and cleaning supplies.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements, including, but not limited to, the
Company's proposed Offering. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs, including the expectation that the Offering will be
successfully completed. Investors can find many (but not all) of
these statements by the use of words such as “may,” “will,”
“expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,”
“believe,” “likely to” or other similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the SEC.
For investor and media inquiries, please
contact:
PRIMECH HOLDINGS LTD.
Investor Relations
Email: ir@primech.com.sg
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