LAKESIDE HOLDING LIMITED ANNOUNCES CLOSING OF UPSIZED $6.75 MILLION INITIAL PUBLIC OFFERING
Rhea-AI Summary
Lakeside Holding (Nasdaq: LSH), a U.S.-based cross-border supply chain solutions provider focusing on the Asian market, has closed its upsized initial public offering (IPO) of 1,500,000 shares at $4.50 per share, raising $6.75 million in gross proceeds. The underwriters have been granted a 30-day option to purchase an additional 225,000 shares to cover over-allotments. Shares began trading on June 28, 2024, on Nasdaq under the ticker symbol 'LSH'.
Net proceeds will be used to bolster cross-border supply chain capabilities, marketing to grow the customer base, strategic investments, potential mergers and acquisitions, and general corporate purposes.
The Benchmark Company, and Axiom Capital Management acted as joint book-running managers, while DLA Piper UK LLP and Sheppard Mullin Richter & Hampton LLP provided legal counsel.
Positive
- Raised $6.75 million in gross proceeds from IPO.
- Shares began trading on the Nasdaq Capital Market.
- Funds will be used for strategic growth, including marketing, strengthening supply chain capabilities, and potential mergers and acquisitions.
Negative
- The offering could lead to shareholder dilution.
News Market Reaction 1 Alert
On the day this news was published, LSH gained 4.60%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Itasca, IL, July 01, 2024 (GLOBE NEWSWIRE) -- Lakeside Holding Limited (“Lakeside” or the “Company”) (Nasdaq: LSH), a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market, today announced the closing of its previously announced initial public offering (the “Offering”) of 1,500,000 shares of common stock at a public offering price of
The Company has granted a 30-day option to the underwriters to purchase up to 225,000 additional shares of common stock solely to cover over-allotments, if any.
The shares began trading on the Nasdaq Capital Market on June 28, 2024, under the ticker symbol “LSH.”
Net proceeds from the offering will be used for strengthening our cross-border supply chain capabilities, marketing activities to grow our customer base, strategic investments and potential mergers and acquisitions in the future, and general corporate purposes.
The Benchmark Company, LLC and Axiom Capital Management, Inc. acted as joint book-running managers for the Offering.
DLA Piper UK LLP served as legal counsel for Lakeside, and Sheppard Mullin Richter & Hampton LLP served as legal counsel for the underwriters in connection with the Offering.
A registration statement on Form S-1, as amended (File No. 333-278416), was filed with the United States Securities and Exchange Commission (the “SEC”) and was declared effective on June 27, 2024. The offering of the securities is being made only by means of a prospectus. Electronic copies of the final prospectus relating to the Offering may be obtained by visiting the SEC’s website located at http://www.sec.gov or by contacting The Benchmark Company, LLC, Attention: Prospectus Department, 150 E. 58th Street, 17th floor, New York, NY 10155, by email at prospectus@benchmarkcompany.com, or by telephone at (212) 312-6700.
This press release 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 Lakeside Holding Limited
Lakeside Holding Limited, based in Itasca, IL, is a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market, including China and South Korea. Operating under the brand American Bear Logistics, we primarily provide customized cross-border ocean freight solutions and airfreight solutions in the U.S. that specifically cater to our customers’ requirements and needs in transporting goods into the U.S. We are an Asian American-owned business rooted in the U.S. with in-depth understanding of both the U.S. and Asian international trading and logistics service markets. Our customers are typically Asia- and U.S.-based logistics service companies serving large e-commerce platforms, social commerce platforms, and manufacturers to sell and transport consumer and industrial goods made in Asia into the U.S. For more information, please visit https://lakeside-holding.com.
Safe Harbor Statement
This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors,” may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
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