Hong Kong Pharma announces pricing of 1.4M ordinary share IPO

Hong Kong Pharma (HKPD) Digital Technology Holdings Limited announced the pricing of its initial public offering of an aggregate of 1.4M ordinary shares at a public offering price of $4.00 per share, of which 1M ordinary shares are offered by Hong Kong Pharma and 404K ordinary shares are offered by the selling shareholders of the company. The company’s ordinary shares are expected to begin trading on January 15 on the Nasdaq Capital Market under the ticker symbol “HKPD”. The offering is expected to close on January 16, subject to customary closing conditions. The company expects to receive net proceeds from the Offering of approximately $2.9M. The company intends to use the net proceeds for the development and upgrade of its supply chain enterprise resource planning systems; to fund the procurement of warehouse equipment to improve efficiency; to fund the expansion of its sales and marketing team to accelerate the growth of its business; and to fund general working capital and for other general corporate purposes. The offering is being conducted on a firm commitment basis. Bancroft Capital is acting as the lead underwriter, with Eddid Securities USA acting as a co-underwriter for the offering. Bevilacqua is acting as U.S. securities counsel to the company, and Ortoli Rosenstadt is acting as U.S. securities counsel to the lead underwriter in connection with the offering.