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- Mingteng International (MTEN) said Thursday that the Chinese automotive mold designer and supplier has priced its initial public offering of 1.28 million shares at $4.00 per share, raising gross proceeds of $5.1 million -dollars equivalent.
- The company is offering a total of 1.05 million shares and 225,000 shares from a selling shareholder.
- The shares have been approved for listing on the Nasdaq Capital Market and are expected to begin trading today.
- In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 157,500 shares at the public offering price.
- The offer is expected to end on or about April 22nd.
- The proceeds from the IPO will be used to invest in new production facilities and strengthen research and development capacities. It is also used as general working capital and to expand product types.
- Source: press release
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