© Reuters.
Armlogi Holdings, a California-based warehousing and logistics services provider, filed for an initial public offering (IPO) on Monday. The company has expressed its intention to offer two million shares at a price between $5 and $6 per share.
The company, headquartered in Walnut, California, expects net proceeds of approximately $8.4 million at a median price of $5.50 per share. However, that amount could potentially rise to nearly $10 million if the underwriters decide to exercise their option to purchase an additional 300,000 shares.
Armlogi Holdings has detailed plans to use the majority of these proceeds for expansion and development purposes. The company’s growth strategy includes expanding its warehouse network and improving its services in warehousing and logistics, international sea freight and port trucking.
As part of the IPO process, Armlogi is seeking to list its shares on the Nasdaq Capital Market. If approved, the Company’s shares will be listed under the symbol NASDAQ:BTOC. After the IPO, Aidy Chou, the company’s chief executive officer, is expected to retain approximately 68% of the company’s voting rights.
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