HONG KONG - PTL Limited (NASDAQ:PTLE), a marine fuel logistics service provider, has announced the pricing of its initial public offering (IPO) at $4.00 per ordinary share. The company expects to begin trading on the Nasdaq Capital Market on October 16, 2024, under the ticker symbol PTLE, with the offering anticipated to close by October 17, 2024, contingent on customary closing conditions.
The IPO consists of 1,250,000 ordinary shares, with potential aggregate gross proceeds of $5 million, excluding underwriting discounts and related expenses. PTL Limited has also provided underwriters a 45-day option to purchase up to an additional 187,500 shares, which could increase total gross proceeds to approximately $5.75 million if the over-allotment is fully exercised.
PTL Limited plans to allocate the net proceeds from the offering towards the acquisition of vessels, enhancing inventory to secure volume discounts and favorable credit terms, establishing a price hedging mechanism, and for other general corporate purposes.
Dominari Securities LLC is leading the underwriter team, with Revere Securities LLC serving as the co-underwriter. Legal counsel for the offering includes Ortoli Rosenstadt LLP, Ogier, David Fong & Co. Lawyers, and China Commercial Law Firm, covering various jurisdictions. J&S Associate PLT is the reporting accountant, while Loeb & Loeb LLP represents the underwriters' legal interests.
The offering is being made through a prospectus, obtainable from Dominari Securities LLC and Revere Securities LLC, as part of the company's Registration Statement on Form F-1, declared effective by the U.S. Securities and Exchange Commission on September 30, 2024.
PTL Limited, with headquarters in Hong Kong, specializes in bunkering services, facilitating fuel supply for container ships, bulk carriers, general cargo vessels, and chemical tankers within the Asia Pacific region. The company emphasizes its established network within the marine fuel logistics industry to offer comprehensive refueling solutions.
This press release, intended for informational purposes, does not constitute an offer to sell or a solicitation of an offer to buy any securities. The sale of these securities will not be lawful in any jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
The announcement contains forward-looking statements subject to risks and uncertainties. PTL Limited encourages investors to read the risk factors in the company's final prospectus and other SEC filings before investing in the company's securities. The company does not commit to updating any forward-looking statements to reflect events, circumstances, or changes in expectations after this announcement.
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