JIAXING, CHINA, Feb.06, 2025 (GLOBE NEWSWIRE) -- Huachen AI Parking Management Technology Holding Co., Ltd (the "Company") (NASDAQ:HCAI), a comprehensive smart parking solutions and equipment structural parts provider with all operations through the operating subsidiaries in China, today announced the closing of its initial public offering (the "Offering") of 1,500,000 ordinary shares, par value $0.00000125 (the "Ordinary Shares") at a public offering price of $4.00 per share for total gross proceeds of $6.0 million before deducting underwriting discounts and offering expenses.
In addition, the Company has granted the underwriters an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 225,000 Ordinary Shares at the public offering price, less underwriting discounts and commissions, to cover over-allotment, if any.
Net proceeds from the Offering will be used by the Company for contracting the managerial and operational rights of a new parking lot, development and upgrading of new AGVs and RGVs, recruitment for specialized technical and operational personnel, as well as working capital and general corporate matters.
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