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PicoCELA Inc. (NASDAQ: PCLA), a Tokyo-based enterprise wireless mesh solutions provider, has completed its previously announced best-efforts public offering. The company sold 6.1 million American Depositary Shares (ADSs) at $0.30 per ADS, raising gross proceeds of $1.83 million. Each ADS represents one common share of PicoCELA.
The company plans to allocate 70% of the net proceeds for working capital and general corporate purposes, while the remaining 30% will be used for product development and research. Revere Securities LLC served as the lead placement agent, with Dominari Securities LLC as co-placement agent.
