EPWK HOLDINGS LTD. Announces Full Exercise of Underwriters' Over-Allotment Option
Rhea-AI Summary
EPWK Holdings announced the full exercise of underwriters' over-allotment option for its initial public offering, with underwriters purchasing an additional 412,500 Class A ordinary shares at $4.10 per share. The total gross proceeds from the IPO, including the over-allotment, reached $12.97 million before deducting underwriting discounts and expenses.
The company's Class A ordinary shares began trading on the Nasdaq Global Market on February 6, 2025, under the ticker symbol 'EPWK'. The proceeds will fund business development, marketing, R&D, exploration of new products and services, creation of an online global design center, and general corporate purposes.
Cathay Securities acted as the lead underwriter, with Revere Securities as co-underwriter. The offering was conducted through a Registration Statement on Form F-1 declared effective by the SEC on February 3, 2025.
Positive
- Successfully raised $12.97 million in gross proceeds from IPO
- Achieved Nasdaq Global Market listing
- Full exercise of over-allotment option indicates strong initial demand
Negative
- Potential shareholder dilution from additional shares issued
News Market Reaction
On the day this news was published, EPWK declined 0.86%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Proceeds from the Offering will be used for business development and marketing, research and development, exploration of new product and service offerings and the creation of an online global design center, and general corporate purposes and working capital.
Cathay Securities, Inc. acted as the representative of the underwriters, with Revere Securities LLC acting as co-underwriter (collectively, the "Underwriters") for the Offering. VCL Law LLP served as counsel to the Company. Winston & Strawn LLP served as counsel to the Underwriters.
The Offering was conducted pursuant to the Company's Registration Statement on Form F-1, as amended (File No. 333-269657) (the "Registration Statement"), previously filed with and subsequently declared effective by the
This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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 EPWK HOLDINGS LTD.
The Company connects businesses with outstanding talent through an innovative and efficient integrated crowdsourcing platform, providing creative transaction services for small and medium-sized enterprises and suppliers. The Company was founded by Huang Guohua, former chief reporter of Fujian Daily Press Group, and conducts its operations through its subsidiaries and contractual arrangements with the variable interest entity in
Forward-Looking Statements
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends 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 identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update 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 in its other filings with the SEC.
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SOURCE EPWK HOLDINGS LTD.
FAQ
How much did EPWK Holdings raise in its IPO including over-allotment?
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