Charming Medical prices 1.6M Class A ordinary share IPO at $4.00 per share

Charming Medical (MCTA) Limited announced the pricing of its initial public offering of 1.6M Class A ordinary shares at a price of $4.00 per share. The Class A ordinary shares are expected to commence trading on the Nasdaq Capital Market on October 21, under the ticker symbol “MCTA”. The offering is expected to close on or about October 22, subject to the satisfaction of customary closing conditions. The company expects to receive an aggregate of gross proceeds of approximately $6.4M from the offering, before deducting underwriting discounts and other offering expenses. The company intends to use the net proceeds from the offering for expanding its business and geographic coverage, potential strategic investments and acquisitions, research and development, and for general working capital and corporate purposes. The offering is conducted on a firm commitment basis. Cathay Securities is acting as the representative of the underwriters for the offering.