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YY Group Holding (Nasdaq: YYGH) has successfully closed its initial public offering of 1,125,000 Class A Ordinary Shares at a public offering price of $4.00 per share, generating approximately $4.5 million in gross proceeds. The Company's common stock started trading on the Nasdaq Capital Market under the symbol 'YYGH'. The net proceeds will be utilized for business expansion, marketing campaigns, product research and development, team recruitment, and general corporate purposes.
YY Group Holding (Nasdaq: YYGH) ha concluso con successo la sua offerta pubblica iniziale di 1.125.000 azioni ordinarie di Classe A al prezzo di $4.00 per azione, generando circa $4.5 milioni di ricavi lordi. Le azioni ordinarie della società hanno iniziato a essere negoziate sul Nasdaq Capital Market con il simbolo 'YYGH'. I proventi netti saranno utilizzati per l'espansione aziendale, campagne di marketing, ricerca e sviluppo di prodotti, reclutamento di team e scopi corporativi generali.
YY Group Holding (Nasdaq: YYGH) ha cerrado con éxito su oferta pública inicial de 1.125.000 acciones ordinarias Clase A a un precio de $4.00 por acción, generando aproximadamente $4.5 millones en ingresos brutos. Las acciones comunes de la compañía comenzaron a cotizarse en el Nasdaq Capital Market bajo el símbolo 'YYGH'. Los ingresos netos serán utilizados para la expansión del negocio, campañas de marketing, investigación y desarrollo de productos, reclutamiento de equipos y propósitos corporativos generales.
YY Group Holding (Nasdaq: YYGH) 1,125,000개의 클래스 A 보통주를 주당 $4.00으로 공개 초기 제공을 성공적으로 마쳤으며, 이로 인해 약 $4.5백만의 총 수익을 창출했습니다. 회사의 보통주는 'YYGH'라는 심볼로 나스닥 캐피털 마켓에서 거래를 시작했습니다. 순수익은 비즈니스 확장, 마케팅 캠페인, 제품 연구 및 개발, 팀 모집 및 일반 기업 목적을 위해 사용될 예정입니다.
YY Group Holding (Nasdaq: YYGH) a réussi la clôture de son offre publique initiale de 1,125,000 actions ordinaires de Classe A à un prix de $4.00 par action, générant environ $4.5 millions de produits bruts. L'action commune de l'entreprise a commencé à être négociée sur le Nasdaq Capital Market sous le symbole 'YYGH'. Les produits nets seront utilisés pour l'expansion des affaires, les campagnes de marketing, la recherche et le développement de produits, le recrutement d'équipes et des fins corporatives générales.
YY Group Holding (Nasdaq: YYGH) hat ihr öffentliches Angebot von 1.125.000 Stammaktien der Klasse A erfolgreich abgeschlossen, zu einem Ausgabepreis von $4.00 pro Aktie, wodurch etwa $4,5 Millionen Bruttoerlöse generiert wurden. Die Stammaktien des Unternehmens begannen unter dem Symbol 'YYGH' am Nasdaq Capital Market zu handeln. Die Nettoerlöse werden für die Geschäftserweiterung, Marketingkampagnen, Produktforschung und -entwicklung, Teamrekrutierung und allgemeine Unternehmenszwecke verwendet werden.
Positive
YYGH successfully closed its initial public offering, raising $4.5 million in gross proceeds.
The Company's common stock began trading on the Nasdaq Capital Market under the symbol 'YYGH'.
The net proceeds from the offering will be used for business expansion, marketing, product development, team recruitment, and general corporate purposes.
Negative
None.
The completion of YY Group's initial public offering (IPO) at $4.00 per share has raised approximately $4.5 million in gross proceeds. This capital injection is a fundamental milestone for YY Group, which, as a manpower supplier, now stands on the threshold of a strategic expansion. With the outlined use of proceeds, investors should look at the efficiency and efficacy with which the funds are deployed. The allocation towards geographic expansion and product development, particularly YY Apps, can catalyze the company's growth trajectory. However, keen attention to the burn rate is warranted given the relatively modest raise and the potential dilution effect on current shareholders should not be underestimated. The stock's performance on the Nasdaq Capital Market will additionally serve as a barometer for investor sentiment regarding YY Group's long-term business prospects.
YY Group's foray into application development with YY Apps signals an attempt to diversify its business model beyond traditional manpower supply. Given the competitive landscape of app development, YY Group's ability to innovate and capture market share will be pivotal. The commitment to expand IT and marketing teams highlights a strategic investment in human capital, which can be a driver of technological innovation. However, the success of such ventures often hinges on user adoption and retention, monetization strategies and the agility of the development process itself. As the tech industry is rapidly evolving, the execution of YY Group's product roadmap and how it resonates with customers will be important indicators for future valuation.
NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- YY Group Holding Limited (Nasdaq: YYGH) (“YYGH”, or the “Company”), a trusted and experienced manpower supplier in the traditional recruitment industry, today announced the closing of its previously announced initial public offering of 1,125,000 Class A Ordinary Shares at a public offering price of $4.00 per share, for aggregate gross proceeds of approximately $4.5 million before deducting underwriting discounts, commissions, and other offering expenses.
The Company’s common stock began trading on the Nasdaq Capital Market on April 22, 2024, under the symbol “YYGH”.
The net proceeds from the initial public offering are expected to be used for geographical business expansion, marketing and promotion campaigns, product research and development on YY Apps, team expansion by recruiting more IT and marketing teams, and working capital and general corporate purposes.
US Tiger Securities, Inc., acted as sole book-running manager for the offering.
A registration statement on Form F-1 (File No. 333-275486), was filed with the Securities and Exchange Commission ("SEC") and was declared effective on March 29, 2024, A final prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus related to the Offering may be obtained from US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, New York 10022, or by telephone at +1 646-978-5188.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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 YY Group Holding Limited YY Group Holding Limited is a Singapore-based company dedicated to redefining digital interactions and creating impactful connections in the ever-evolving digital landscape. Rooted in innovation and a commitment to user-centric experiences, YY Circle leverages cutting-edge technology to foster engagement, collaboration, and community building.
For more information, please visit https://yygroupholding.com/.
Forward Looking Statements This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
For further information, please contact: Singapore Investor Contact Phua Zhi Yong, Chief Financial Officer YY Group jason.phua@yygroupholding.com
U.S. Investor Contact Jack Perkins KCSA Strategic Communications YYGroup@kcsa.com
FAQ
How many Class A Ordinary Shares were offered in YY Group Holding 's initial public offering?
1,125,000 Class A Ordinary Shares were offered in the initial public offering.
At what price were the Class A Ordinary Shares offered in YY Group Holding 's initial public offering?
The Class A Ordinary Shares were offered at a price of $4.00 per share.
What is the trading symbol for YY Group Holding 's common stock on the Nasdaq Capital Market?
The trading symbol for YY Group Holding 's common stock is 'YYGH'.
How will the net proceeds from the initial public offering be utilized by YY Group Holding ?
The net proceeds will be used for business expansion, marketing campaigns, product research and development, team recruitment, and general corporate purposes.
