Primech Holdings Ltd.. (PMEC), an established technology-driven facilities services provider in the public and private sectors operating mainly in Singapore, today announced the pricing of its initial public offering (the “Offering”) of 3,050,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on October 10, 2023 under the ticker symbol “PMEC”.
The Company expects to receive aggregate gross proceeds of US$12.2 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 457,500 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about October 12, 2023, subject to the satisfaction of customary closing conditions.
Proceeds from the Offering will be used for expanding the Company’s range of services and operations, research and development of products and technology as well as intellectual property strategy and implementation, marketing and promotional activities, upgrading of vehicles and machines including for electric vehicle (“EV”) charging compatibility, potential minority investments in the EV conversion business and working capital and general corporate purposes.
Spartan Capital Securities, LLC is acting as the sole book running manager of the Offering. Loeb & Loeb LLP is acting as U.S. counsel to the Company, and ArentFox Schiff LLP is acting as U.S. counsel to Spartan Capital Securities, LLC in connection with the Offering.
A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-264036) and was declared effective by the SEC on September 29, 2023. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering, when available, may be obtained from Spartan Capital Securities, LLC, 45 Broadway, New York, NY 10006, or by telephone at (877) 772-7818. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.
Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s 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 such state or jurisdiction.