Planet Image International Limited Announces Closing of $5 Million Initial Public Offering
Planet Image International Limited (YIBO)
Company Research
Source: PR Newswire
XINYU, China, Jan. 29, 2024 /PRNewswire/ -- Planet Image International Limited ("Planet Image" or the "Company") (Nasdaq: YIBO), an export-oriented manufacturer and seller of compatible toner cartridges based in China, the U.S. and Europe, today announced the closing of its initial public offering of 1,250,000 Class A ordinary shares at a public offering price of US$4.00 per share. The Class A ordinary shares began trading on The Nasdaq Capital Market under the ticker symbol "YIBO" on January 25, 2024.The Company received total gross proceeds of $5 million from the offering before deducting underwriting discounts and other related expenses payable by the Company. In addition, the Company has granted the underwriter a 45-day option to purchase up to an additional 187,500 Class A ordinary shares at the public offering price, less underwriting discounts.The Company intends to use the net proceeds from the offering for: i) constructing a comprehensive, multi-layer production center; ii) r
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