ARB IOT Group Limited, a provider of complete solutions to clients for the integration of Internet of Things (“IoT”) systems and devices from designing to project deployment, announced the closing of its previously announced initial public offering of 1,250,000 ordinary shares. Each ordinary share was sold at an offering price of $4.00 per ordinary share, for gross proceeds of approximately $5.0 million, before deducting underwriting discounts and offering expenses. The Company has granted the underwriters a 45-day option to purchase up to an additional 187,500 ordinary shares to cover over-allotments at the initial public offering price, less underwriting discounts and commissions.
AiThority Interview Insights: AiThority Interview with Oji Udezue, Chief Product Officer at Typeform
The ordinary shares began trading on The Nasdaq Capital Market on April 5, 2023, under the symbol “ARBB”.
Maxim Group LLC acted as the sole book-running manager in connection with the offering.
A registration statement on Form S-1, as amended (File No. 333-267697) was filed with the Securities and Exchange Commission (“SEC”), which became effective on March 30, 2023. A final prospectus relating to the offering was filed with the SEC and is available on the SEC’s website. The offering was made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this offering, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, at (212) 895-3745.
Read More about AiThority Interview: AiThority Interview with Kyle Wong, Chief Strategy Officer at Emplifi
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ARB IOT Group Limited is a provider of complete solutions to clients for the integration of Internet of Things (“IoT”) systems and devices from designing to project deployment. Our mission is to become a leading player in the IoT landscape in the ASEAN region. We offer a wide range of IoT systems as well as provide customers a substantial range of services such as system integration and system support service. We deliver holistic solutions with full turnkey deployment from designing, installation, testing, pre-commissioning, and commissioning of various IoT systems and devices as well as integration of automated systems, including installation of wire and wireless and mechatronic works.
Latest AiThority Interview Insights : AiThority Interview with Jon Zimmerman, Chief Executive Officer at Holon Solutions
[To share your insights with us, please write to sghosh@martechseries.com]
Comments are closed.