TEN Holdings, Inc. Announces Closing of Initial Public Offering

Rhea-AI Summary

TEN Holdings (XHLD) has successfully completed its Initial Public Offering (IPO), selling 1,667,000 shares of common stock at $6.00 per share, raising approximately $10.0 million in gross proceeds before deducting underwriting discounts and expenses. The company's shares began trading on the NASDAQ under the symbol 'XHLD' on February 13, 2025.

The IPO was conducted through a registration statement on Form S-1, which was declared effective by the SEC on February 7, 2025. Bancroft Capital served as the representative underwriter, with Hunter Taubman Fischer & Li and TroyGould as legal counsel to the company and underwriters respectively. Spirit Advisors acted as financial advisor and IPO consultant.

Positive

• Successfully raised $10 million through IPO
• Achieved NASDAQ listing, increasing visibility and potential trading liquidity
• Completed offering at $6.00 per share, establishing initial market valuation

Negative

• Dilution of existing shareholders' ownership through new share issuance
• Additional expenses from underwriting discounts and offering-related costs will reduce net proceeds

News Market Reaction – XHLD

+23.72%

+23.72% Session move

In the trading session that priced this news, XHLD gained 23.72%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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LANGHORNE, Pa., Feb. 18, 2025 /PRNewswire/ -- TEN Holdings, Inc. ("XHLD" or the "Company") (Nasdaq: XHLD), a provider of event planning, production, and broadcasting services, today announced the closing of its previously announced initial public offering of an aggregate of 1,667,000 shares of common stock, par value $0.0001 (the "Shares"), for a price of $6.00 per share (the "Offering").

The Shares began trading on the NASDAQ Stock Market LLC under the symbol "XHLD" on February 13, 2025. The Company received aggregate gross proceeds of approximately $10.0 million from the Offering, before deducting underwriting discounts and other related expenses. 

Bancroft Capital, LLC acted as the representative of the underwriters in connection with the Offering. Hunter Taubman Fischer & Li LLC acted as legal counsel to the Company and TroyGould PC acted as legal counsel to the underwriters in connection with the Offering. Spirit Advisors LLC served as the financial advisor and initial public offering consultant for the Company.

The Offering was conducted pursuant to the Company's registration statement on Form S-1 (File No. 333-282621), previously filed with, and subsequently declared effective, by the U.S. Securities and Exchange Commission ("SEC") on February 7, 2025. The Offering was made only by means of a prospectus, forming part of the registration statement. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. Copies of the final prospectus related to the Offering may be obtained, when available, from Bancroft Capital, LLC, 501 W Office Center Dr #130, Fort Washington, PA 19034, by phone at +1 (484) 546-8000 or by email at investmentbanking@bancroft4vets.com. In addition, a copy of the final prospectus, when available, relating to the Offering may be obtained via the SEC's website at www.sec.gov. 

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 any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or 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 other jurisdiction.

About TEN Holdings, Inc.

The Company is a provider of event planning, production, and broadcasting services headquartered in Pennsylvania. The Company mainly produces virtual and hybrid events and physical events. Virtual and hybrid events involve virtual and hybrid event planning, production and broadcasting services, and continuing education services, all of which are supported by the Company's proprietary Xyvid Pro Platform. Physical events mainly involve live streaming and video recording of physical events. To learn more, visit www.tenholdingsinc.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the preliminary prospectus filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Any forward-looking statements contained in this press release speak only as of the date hereof, and TEN Holdings, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

For more information, please contact:

Investor Relations Contact:
Erica Scudilla
Email: hello@tenholdingsinc.com 

Underwriter Inquiries:
Bancroft Capital, LLC                                                                                                                             
501 W Office Center Dr # 130                                                                                                                 
Fort Washington, PA 19034                                                                                                                
Office: (484) 546-8000                                                                                                                            
Email: investmentbanking@bancroft4vets.com

Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com

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SOURCE TEN Holdings, Inc.

FAQ

How much did TEN Holdings (XHLD) raise in its February 2025 IPO?

TEN Holdings raised approximately $10.0 million in gross proceeds through its IPO, selling 1,667,000 shares at $6.00 per share.

When did XHLD stock begin trading on NASDAQ?

XHLD began trading on the NASDAQ Stock Market on February 13, 2025.

What was the IPO price for TEN Holdings (XHLD) shares?

The IPO price for TEN Holdings shares was $6.00 per share.

How many shares did XHLD offer in its initial public offering?

TEN Holdings offered 1,667,000 shares of common stock in its initial public offering.

Who were the underwriters for the XHLD IPO?

Bancroft Capital, acted as the representative of the underwriters for the XHLD IPO.