Primega Group Holdings Limited Announces Pricing of its Initial Public Offering
22 Julio 2024 - 1:04PM
Primega Group Holdings Limited (Nasdaq: PGHL) (the
“
Company”), a provider of transportation services
that employs environmentally friendly practices with the aim of
facilitating reuse of construction and demolition materials and
reduction of construction waste, today announced the pricing of its
initial public offering (the “
IPO”) of 1,500,000
ordinary shares at a public offering price of $4.00 per ordinary
share. The Company expects to receive aggregate gross proceeds of
approximately $6,000,000 from the IPO, prior to deducting
underwriting discounts and other offering expenses. In addition, in
connection with the initial public offering, a selling shareholder
is offering 250,000 ordinary shares of the Company at $4.00 per
share (the “
Resale”, together with the IPO, the
“
Offering”), for total gross proceeds of
$1,000,000, before deducting underwriting discounts and other
offering expenses.
The ordinary shares are expected to begin
trading on the Nasdaq Capital Market on July 23, 2024, under the
symbol “PGHL.” The offering is expected to close
on July 24, 2024, subject to customary closing conditions.
The Company intends to use the net proceeds from
the Offering for (i) expanding the existing business by acquiring
additional machinery and equipment including tipper trucks and
excavation machines and employing additional staff; (ii) upgrading
the information technology systems to track the location and
deployment of the trucks to improve resource allocation and
efficiency, and (iii) funding working capital and other general
corporate purposes.
Bancroft Capital, LLC (the
“Underwriter”) is acting as sole lead underwriter
to the Offering.
A registration statement on Form F-1 (File
Number: 333-277692) related to the Offering was initially filed
with the United States Securities and Exchange Commission (the
“SEC”) on March 6, 2024 and declared effective on July 1, 2024. The
Offering is made only by means of a prospectus, forming a part of
the registration statement. Once available, a copy of the final
prospectus related to the Offering may be obtained from: Bancroft
Capital LLC, by email at InvestmentBanking@bancroft4vets.com. The
final prospectus will be filed with the SEC and will be available
on the SEC’s website located at http://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 shall not constitute an offer to sell,
or the solicitation of an offer to buy any of the Company’s
securities, nor shall such securities be offered or sold in the
United States absent registration or an applicable exemption from
registration, nor shall there be any offer, solicitation or sale of
any of the Company’s securities in any state or jurisdiction in
which such offers, solicitations or sales would be unlawful prior
to registration or qualification under the securities laws of such
state or jurisdiction.
About Primega Group Holdings
Limited
Primega Group Holdings Limited is a provider of
transportation services that employs environmentally friendly
practices with the aim of facilitating reuse of construction and
demolition materials and reduction of construction waste. Through
an operating subsidiary in Hong Kong, the Company operates in the
construction industry, mainly handling transportation of materials
excavated from construction sites. The services principally
comprise of (i) soil and rock transportation services; (ii) diesel
oil trading; and (iii) construction works, which mainly include
excavation and lateral support works and bored piling. The Company
generally provides its services as a subcontractor to other
construction contractors in Hong Kong.
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 “approximates,”
“believes,” “hopes,” “expects,” “anticipates,” “estimates,”
“projects,” “intends,” “plans,” “will,” “would,” “should,” “could,”
“may” or other similar expressions in this prospectus. 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:
Company Info
Primega Group Holdings Limited
Man Siu Ming, Director and Chairman of the Board
msm@primegagroup.com
+852 3997 3682
Investor Relationship
HBK Strategy Limited
Katy Chan, Director
ir@hbkstrategy.com
+852 2498 3681