Qutoutiao Inc. Announces Full Exercise of Over-allotment Option in Initial Public Offering
Qutoutiao Inc. - American Depositary Shares (QTT)
Last qutoutiao inc. - american depositary shares earnings: 3/18 05:30 am
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Source: GlobeNewswire
SHANGHAI, China, Sept. 21, 2018 (GLOBE NEWSWIRE) -- Qutoutiao Inc. (“Qutoutiao” or the “Company”) (NASDAQ: QTT), a leading mobile content aggregator in China, today announced that underwriters of the Company’s initial public offering (the “IPO”) have exercised their over-allotment option in full to purchase an additional 1,800,000 American Depositary Shares (“ADSs”) from the Company at the IPO price of US$7.00 per ADS. Total proceeds to the Company from ADSs sold in the IPO, including the 12,000,000 ADSs sold initially and the 1,800,000 ADSs sold pursuant to the over-allotment option, were approximately US$89.8 million, after deducting underwriting discounts and commissions but before deducting offering expenses payable by the Company. Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. (in alphabetical order) as well as China Merchants Securities (HK) Co., Ltd. and UBS Securities LLC (in alphabetical order) are acting as joint bookrunners for the offering and KeyBanc
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