Treasure Global Inc Announces Closing of Upsized $9.2 Million Initial Public Offering, Nasdaq Listing, and Full Exercise of Underwriter’s Over-Allotment Option
August 15 2022 - 3:20PM
Treasure Global Inc (Nasdaq: TGL) (“TGI”, or the “Company”), an
innovative e-commerce platform providing seamless payment solutions
and rewards programs, today announced the closing of its previously
announced upsized initial public offering of 2,300,000 shares of
its common stock, which included the full exercise of the
underwriter’s over-allotment option, at a public offering price of
$4.00 per share, for aggregate gross proceeds of approximately $9.2
million before deducting underwriting discounts, commissions, and
other offering expenses.
The Company’s common stock began trading on the
Nasdaq Capital Market on August 11, 2022, under the symbol
“TGL”.
The Company intends to use the net proceeds from
the offering primarily to increase its capitalization and financial
flexibility, in addition to working capital and general corporate
purposes.
EF Hutton, division of Benchmark Investments,
LLC (“EF Hutton”), acted as sole book-running manager for the
offering.
A registration statement on Form S-1 (File No.
333-264364), was filed with the Securities and Exchange Commission
("SEC") and was declared effective on August 10, 2022, and a
registration statement on Form S-1MEF (File No. 333-266760), was
filed with the SEC on the same date and became effective upon
filing. A final prospectus relating to the offering was filed with
the SEC and is available on the SEC's website at
http://www.sec.gov. Electronic copies of the final prospectus
relating to this offering, when available, may be obtained from EF
Hutton, division of Benchmark Investments, LLC, 590 Madison Avenue,
39th Floor, New York, NY 10022, Attention: Syndicate Department, or
via email at syndicate@efhuttongroup.com or telephone at (212)
404-7002.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, 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 Treasure Global IncTGI is
an innovative Malaysian e-commerce platform providing seamless
payment solutions for consumers and merchants with instant rebates
and affiliate cashback programs. On a mission to bring together the
worlds of online e-commerce and offline physical retailers, TGI is
developing a portfolio of leading digital platforms for use
throughout Southeast Asia (“SEA”) and Japan. In June 2020, TGI
launched its proprietary product, the ZCITY App, a unique digital
ecosystem that transforms and simplifies the e-payment experience
for consumers, while simultaneously allowing them to earn rewards.
In the ZCITY ecosystem, users can utilize Tazte, a revenue
generating digital F&B management system providing merchants
with a one-stop touchless management and automated solution to
digitalize their businesses. As of July 2022, ZCITY had over
2,000,000 registered users and over 2,100 registered merchants.
For more information, please
visit https://treasureglobal.co/.
Forward Looking StatementsThis
press release contains statements that constitute "forward-looking
statements," including with respect to the proposed initial public
offering and the anticipated use of the net proceeds. No assurance
can be given that the offering discussed above will be completed on
the terms described, or at all, or 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
preliminary prospectus for the Company's 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.
For further information, please
contact:
U.S. Investor ContactAllison
SossKCSA Strategic CommunicationsTGI@kcsa.com
Malaysian Investor
ContactsJason Chiew / Jun HaoImej Jiwa Communications Sdn
Bhdjason@imejjiwa.com / junhao@imejjiwa.com
Media ContactSue Chuah, Chief
Marketing OfficerTreasure Global Incsue@treasuregroup.co
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