NETCLASS TECHNOLOGY INC. Announces Closing of $9 Million Initial Public Offering

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NETCLASS TECHNOLOGY INC. Announces Closing of $9 Million Initial Public Offering - Benzinga

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SHANGHAI and HONG KONG, Dec.16, 2024 (GLOBE NEWSWIRE) -- NETCLASS TECHNOLOGY INC.(the "Company" or "NETCLASS"), a leading B2B smart education IT solutions provider with offices in Shanghai, Hong Kong, and Singapore, today announced the closing of its initial public offering (the "Offering") of 1,800,000 Class A ordinary shares at a public offering price of $5.00 per ordinary share, for total gross proceeds of $9,000,000, before deducting underwriting discounts, commissions, and other related expenses.

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 270,000 Class A ordinary shares at the initial public offering price, less underwriting discounts to cover over-allotments, if any.

The Company intends to use the proceeds from the Offering for the courseware and online technology platform development, expansion of application development service and subscription services, marketing and brand building, along with working capital and general corporate purposes.